Approximately $124 million in stolen Binance funds transferr
As tracked by Elliptic, as of 16:45 Beijing time on November 6, approximately 1,650 BTC (about $124 million) in funds related to the Binance theft incident had entered new Bitcoin addresses, nearly double the figure from the previous day; the newly added portion mainly came from XRP swapped via THORChain, while another approximately 192 million XRP had not yet been transferred out.
Event Timeline
- [11-06 11:37] Data: Approximately $124 million in stolen Binance funds has been converted into BTC, nearly double the previous day (PANews)
- [11-06 11:40] Nearly double the previous day; approximately $124 million in stolen Binance funds has entered new Bitcoin addresses, reaching 1,650 BTC (Odaily Planet Daily)
Background and Impact
According to tracking by blockchain analytics firm Elliptic, as of 16:45 Beijing time on November 6, approximately 1,650 BTC (about $124 million) of funds related to the Binance theft incident had entered new Bitcoin addresses, close to twice the scale of the previous day. PANews and Odaily Planet Daily cited this set of data successively on November 6; the two reports were consistent in quantity, amount, and timestamp, with no obvious discrepancy in figures.
From the perspective of the fund path, the newly added portion mainly came from converting XRP into Bitcoin through THORChain. On November 2, the hackers transferred 233 million XRP to 6 new addresses, of which about 42 million (about $50 million) had been transferred out, leaving about 192 million (about $226 million). In addition, on the evening of November 5, a small amount of ETH was also converted into Bitcoin via THORChain, with the conversion step completed through this cross-chain protocol.
According to data disclosed by Elliptic, the approximately 1,650 BTC that has entered new Bitcoin addresses and the approximately 192 million XRP that has not yet been transferred out constitute the two currently observable portions of funds. The former's single-day scale nearly doubled, indicating that the pace of conversion and consolidation is accelerating; the latter is valued at approximately $226 million under the same set of data, and its size remains larger than the portion already converted into Bitcoin. Cross-chain conversions disperse the original chain of addresses, which is also why on-chain tracking institutions need to continuously update their data.
Nodes worth watching going forward include: whether the remaining XRP continues to be converted through THORChain, whether funds in the new Bitcoin addresses are consolidated or dispersed again, and whether relevant parties issue further statements on tracking progress. Ordinary users can mainly obtain progress through tracking updates from institutions such as Elliptic and exchange announcements; when using application entry points such as Binance registration APP download, OKX registration APP download, HTX registration APP download, Gate.io registration APP download, and Bitget registration APP download, they can also pay attention to risk warning information published by the platforms. The above is only a compilation of public on-chain data and does not constitute any investment advice.
FAQ
### Will this fund transfer directly affect the Bitcoin price?
The existing materials only disclose the quantity, amount, and timing of on-chain transfers, and do not involve price performance or market reaction, so it is impossible to judge the impact on the BTC price based on them. What can be observed is whether the pace of conversion and consolidation continues.
### Why is particular attention being paid to the approximately 192 million XRP that has not yet been transferred out?
According to Elliptic data, this portion is worth approximately $226 million, larger than the approximately $124 million already converted into Bitcoin. Whether it continues to be converted through THORChain is a key node for subsequent on-chain tracking.
### Where can ordinary users follow the event's progress?
Mainly through tracking updates from on-chain analysis institutions such as Elliptic, as well as exchange announcements; follow-up reports by PANews and Odaily Planet Daily can also serve as reference. The materials do not disclose further official statements.