Binance hackers swapped stolen tokens for $124M in bitcoin

Most funds still frozen

Elliptic's analysis points to a large amount of crypto being held in place: $2.85 billion remains frozen. That figure suggests the bulk of the assets involved has not moved into circulation, even as the attackers convert part of their haul.

Swapping tokens for bitcoin is a common step after a theft, because issuers can often freeze certain tokens while bitcoin cannot be blocked in the same way. Elliptic's finding that little has been cashed out indicates the stolen funds are still largely sitting on-chain rather than being turned into traditional currency.

What it means for users

For Binance customers, the key development is the planned reopening of additional withdrawals. The exchange has not, in the material available, detailed which assets or networks will return first, nor a timetable.

Tracking by firms such as Elliptic matters because it shows where stolen funds travel and how much can still be recovered or frozen. The $124 million in bitcoin is a measurable portion of the loot that has already moved, while the frozen total shows how much remains out of the attackers' reach.

Further details on the scale of the theft, how the attackers got in and which withdrawals will resume next are expected to depend on updates from Binance and on continued on-chain monitoring.