WuBlockchain
The hacker behind the $6.3 billion Binance exploit is continuing to convert stolen SOL into BTC, according to Lookonchain. The funds were dispersed across multiple wallets before SOL was sold for USDC.
Why it matters
The route crosses several assets and networks: USDC was bridged to Ethereum, used to buy ETH, then swapped into BTC through THORChain. Each conversion changes the form of the funds but adds steps to trace.
Market impact
The reported activity involves stolen funds, not evidence of broader selling pressure on SOL or BTC. The immediate signal is the movement of assets through multiple networks as the hacker attempts to launder them.
Frequently asked questions
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How are the stolen SOL funds being moved?
Lookonchain says SOL was sold for USDC, which was bridged to Ethereum and used to buy ETH. That ETH is then being swapped into BTC through THORChain.
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What role does THORChain play in the reported route?
THORChain is being used to swap ETH into BTC, according to the reported sequence of transactions.
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Were the funds moved through multiple wallets?
Yes. The funds were first dispersed across multiple wallets before SOL was sold for USDC.
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Does the reported conversion prove broader selling pressure on SOL or BTC?
No. The reported activity involves stolen funds and does not by itself establish broader selling pressure on either asset.
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Which assets appear in the reported laundering path?
The route involves SOL, USDC, ETH and BTC, with USDC bridged to Ethereum before ETH is swapped into BTC.
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