TheBlock
North Korean hackers laundered about $242 million of funds stolen from Binance through the Tron blockchain in two days, according to onchain analyst SomaXBT. The FBI is pressing THORChain and other services to block transactions linked to the theft. Of the $242 million, about $194 million left Tron through bridges and swap services, $26 million remained on the network, and roughly $22 million was lost to fees, slippage and price moves.
Why it matters
The FBI attributed the theft to TraderTraitor, a North Korean state-sponsored group, and urged THORNode operators, instant exchanges, DeFi services and other providers to block related transactions. The agency published 608 Ethereum addresses, 19 Bitcoin addresses and one Solana address linked to the attack, but no Tron addresses. It said the stolen assets were being converted primarily into Ethereum and could be laundered further through DeFi protocols and instant swaps.
The routes show how quickly stolen funds can move across networks and providers. SomaXBT attributed about $140 million of outflows to Relay, THORChain, Chainflip and Symbiosis combined. Bitget Wallet handled another $41.7 million, whose destination remained unresolved. Hackers also sent 185.1 million TRX and 3.83 million USDT into THORChain across 2,697 deposits, with the protocol paying out 17,019 ETH and 53.25 BTC.
Market impact
Tether froze 378.7 million USDT, but the laundering continued through multiple chains and services. Elliptic said $2.85 billion of stolen funds had been frozen or seized, while about $3.25 billion remained in assets no issuer can freeze. The figures underline the uneven reach of issuer freezes and the difficulty of containing flows once they cross protocols.
THORChain trading remained halted on 10 of its 13 connected chains, including Tron, Ethereum and Bitcoin, as of Sunday afternoon ET. The FBI's public address list and the services' decisions on blocking transactions are key developments to watch as the investigation continues.
Frequently asked questions
-
How much of the stolen Binance funds moved through Tron?
SomaXBT said about $242 million was laundered through Tron in two days. Roughly $194 million left the network through bridges and swap services.
-
What did the FBI ask THORChain and other services to do?
The FBI urged THORNode operators, instant exchanges, DeFi services and other providers to block transactions linked to the theft.
-
Which services handled the largest reported outflows?
Relay, THORChain, Chainflip and Symbiosis handled about $140 million combined, according to SomaXBT. Bitget Wallet handled another $41.7 million.
-
How much stolen value did Tether freeze?
Tether froze 378.7 million USDT. Elliptic separately reported $2.85 billion in stolen funds frozen or seized across assets and services.
-
Why are cross-chain transfers complicating efforts to stop the laundering?
The funds moved through bridges, swap services and multiple blockchains. The FBI's published list included Ethereum, Bitcoin and Solana addresses, but no Tron addresses.
CryptoSlate
WatcherGuru
Crypto News
CoinTelegraph
Crypto Rank News
Lookonchain