CryptoSlate
Chainalysis identified thousands of suspected automated transactions as hackers moved assets stolen in a $6.3 billion Binance breach. Elliptic traced about $786 million in stolen stablecoin conversions before freezes took effect, while 18,270 BTC remained divided among 19 addresses as of its Oct. 30 assessment.
Why it matters
The attackers are repeatedly circulating funds among interconnected wallets, sometimes sending assets back through addresses used earlier. On Tron, investigators saw numerous wallets receive exactly 1 TRX before accepting and forwarding additional funds. Chainalysis described the patterns as laundering activity it had not seen before.
These rapid, overlapping transfers can make it harder for investigators to follow the funds. The stablecoin conversions also show the trade-off: attackers moved quickly, accepting prices as much as 26% worse than prevailing rates.
Market impact
Elliptic said the hackers exchanged about 434 million USDT for 160,451 ETH through Uniswap, 1inch and market-maker systems. They also swapped about 234 million USDT for 638 million TRX and sold $48 million in RLUSD before further restrictions took effect. Around 150 other stolen tokens were also converted into ETH.
The 18,270 BTC took a different route, split into smaller transfers across 19 addresses. Elliptic said none of those holdings had reached an identified exchange or other service by Oct. 30. The movement of funds through additional wallets, bridges, mixers and trading services remains a key focus for investigators.
Frequently asked questions
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What laundering patterns did Chainalysis identify?
Chainalysis found thousands of suspected automated transactions and repeated transfers among connected wallets, including funds returning to previously used addresses.
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How did the hackers move funds on Tron?
Investigators observed numerous wallets receiving exactly 1 TRX before accepting and forwarding additional funds.
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How much USDT was converted into ETH, and at what cost?
The attackers exchanged about 434 million USDT for 160,451 ETH, at prices 12% to 26% worse than prevailing market rates.
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What happened to the stolen Bitcoin?
Elliptic found 18,270 BTC split across 19 addresses. As of its Oct. 30 assessment, none had reached an identified exchange or other service.
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Which other assets did the attackers convert?
They exchanged about 234 million USDT for 638 million TRX, sold $48 million in RLUSD and converted about 150 other stolen tokens into ETH.
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