CryptoSlate
An XRP stockpile linked to the Oct. 29 Binance hack had fallen to about 60 million tokens by Nov. 10, blockchain analytics firm Elliptic said, after further conversions largely into Bitcoin. Elliptic reported that about 35 million XRP was swapped through THORChain overnight, almost all into Bitcoin. Bitquery's theft trace identified 233.5 million XRP sent from five Binance accounts during the attack.
Why it matters
Elliptic's estimates show the tracked balance falling from about 192 million XRP on Nov. 6 to 148 million on Nov. 7 and 95 million by early afternoon on Nov. 9. The roughly 60 million remaining on Nov. 10 included about 33 million in an address that had not moved since it was funded on Nov. 2.
Those balances are snapshots, not totals of completed sales. THORChain swap interruptions and refunds complicate the accounting: Elliptic said XRP trading halted on Nov. 7, resumed from the afternoon of Nov. 8 and appeared halted again on Nov. 10, with new deposits refunded. Bitint's separate reconstruction put XRP actually converted at no more than 93.85 million for its defined deposit population after refund corrections.
Market impact
XRP was down 24% over the previous 30 days, but the laundering evidence does not establish that the attacker's conversions caused the decline. Swapping XRP for Bitcoin reduces the attacker's XRP exposure without necessarily moving the proceeds out of crypto.
THORChain can split swaps into smaller executions, with unsuccessful portions returned. The remaining balances, completed conversions, Bitcoin payouts and the route's halt or refund status are the key figures to track. Elliptic estimated that a negligible amount had likely been cashed out across the wider laundering operation.
Frequently asked questions
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How much XRP was traced to the Binance attack?
Bitquery's theft trace identified 233.5 million XRP sent from five Binance accounts during the Oct. 29 attack.
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How much of the remaining XRP had stayed in one address?
Elliptic's Nov. 10 estimate included about 33 million XRP in an address that had not moved since it was funded on Nov. 2.
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Why don't falling wallet balances show the total XRP sold?
Balances are snapshots, and THORChain swap interruptions and refunds can change how much XRP is actually converted. A deposit or transfer is not necessarily a completed sale.
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Did the hacker's conversions cause XRP's 24% decline?
The laundering evidence does not establish that the conversions caused XRP's decline over the preceding 30 days.
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Were the converted funds cashed out?
Elliptic estimated that a negligible amount had likely been cashed out across the wider laundering operation. Converting XRP to Bitcoin changes the asset held without necessarily moving the proceeds out of crypto.
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