Binance Hackers Convert $50 Million Stolen XRP Into Bitcoin via THORChain

Hackers linked to the record-breaking Binance theft have converted approximately $50 million worth of stolen XRP into bitcoin, according to a new report from blockchain analytics firm Elliptic.

The conversion, which occurred mostly through the THORChain cross-chain protocol, has increased the total amount of stolen assets converted to bitcoin to roughly 1,650 BTC, valued at about $124 million. A significant portion of the stolen XRP, about 192 million tokens worth $226 million, remains unswapped in wallets associated with the attack.

The movement follows a pattern observed in previous major hacks, where attackers prioritize converting assets like XRP and SOL into bitcoin, which is harder to freeze or claw back compared to centralized stablecoins. Elliptic noted that the laundering operation has been vast, involving over 20,000 wallets across 16 blockchains since the October 29 breach.

While a negligible amount of the stolen funds has been cashed out so far, the focus is now on whether bridges and services can effectively block the published attacker addresses to slow the ongoing conversion of the remaining XRP and other parked assets into bitcoin.