Elliptic: Binance Hackers Swapped $124M in Stolen Tokens for Bitcoin

Binance hackers — Blockchain analytics firm Elliptic reports that hackers behind the recent Binance exploit have swapped over $124 million worth of stolen tokens for bitcoin, while the exchange continues to unfreeze assets and reopen withdrawals.

According to Elliptic’s analysis, the hackers converted a portion of the stolen funds—primarily altcoins like MATIC and LINK—into bitcoin. The firm estimates that “little of the stolen crypto has likely been cashed out” into traditional currency so far. Meanwhile, Binance has successfully frozen approximately $2.85 billion of the stolen assets across multiple blockchains, a figure that has remained stable in recent days.

In a parallel update, Binance announced plans to reopen withdrawals for additional tokens in the coming days. The exchange has been gradually restoring services since the security incident, which involved a compromise of its cross-chain bridge. This phased approach aims to ensure network stability and security as normal operations resume.

The incident highlights the ongoing challenges of securing cross-chain infrastructure and the critical role of blockchain forensics in tracking and recovering stolen digital assets. Binance has not provided an updated total on the amount of funds recovered beyond the frozen figure.