The $6.3 billion theft linked to Binance is experiencing new developments. After moving assets across multiple networks, hackers change their methods. According to Chainalysis, they are now converting Solana tokens into bitcoins, as several actors attempt to block the funds. This development complicates monitoring and pushes platforms to cooperate with American investigators, while billions remain under the control of the perpetrators of this attack against the platform and its users.
In brief
- Hackers linked to the $6.3 billion Binance theft are now converting Solana tokens into Bitcoin.
- Approximately $46.4 million in SOL was transferred to Bitcoin via Relay.
- The Gate platform has frozen two accounts linked to suspicious movements of stolen funds.
- The FBI attributes the attack to the North Korean group TraderTraitor and calls on crypto platforms to block transactions.
Binance hackers move funds from Tron to Solana
On Sunday, Lookonchain reported a transfer of 486,970 Solana tokens, or approximately $46.4 million. Hackers would exchange these assets for Bitcoin via the Relay service. These funds escaped the freezing measures initiated after Thursday’s theft. This operation marks a new stage.
Chainalysis explains that hackers almost emptied their temporary wallets on Tron. Their laundering operations are now turning to Solana, according to the blockchain analytics firm. The transfers observed on Tron represent approximately 500 million dollars. However, this total includes repeated movements between portfolios and is not just cash outflows.
SomaXBT precise that approximately $242 million actually left wallets held on Tron. This distinction illuminates the movements. On Friday, Chainalysis had already recorded thousands of transactions in a short time. The company believes that hackers could automate their operations to cover their tracks, with transfers to addresses already in use.
Binance tracks funds as platforms freeze accounts
The attack compromised Binance’s online wallets, according to initial statements from the platform. The first elements pointed to the hacking of an employee’s laptop. Binance investigators later identified other security flaws. The platform began reinstating withdrawals on Sunday, after taking steps to respond to the incident.
Binance says it will cover losses and is working with US authorities to trace the assets. Several companies in the sector have also frozen around three billion dollars. Tether and Circle are among the players who have taken this measure. Despite these blockages, SomaXBT estimates that hackers still control nearly $3.5 billion.
Part of the funds also passed through Gate, a platform. According to Lookonchainthe hackers deposited approximately $250,000 there during the twelve hours preceding its report on Monday. Gate then announced the freezing of two accounts linked to these movements. She will cooperate with law enforcement, without revealing the amount immobilized.
FBI calls on crypto services to block suspicious transactions
SATURDAY, the FBI attributed the theft to North Korean hackers from the TraderTraitor group. The agency published the addresses of the wallets linked to the stolen assets. It asked THORChain node operators, exchanges and DeFi services to block transactions linked to these addresses. The American Secret Service and the IRS Criminal Investigation Service relayed this call.
The FBI says investigators observed conversions primarily to Ether afterward. The agency also expected new movements via DeFi and instant exchange services. The passage of pirates to Solana then Bitcoin illustrates the evolution of the circuits used. Platforms, including Binance, must therefore review the reported addresses and the funds attached to them.
For investigators, freezing part of the assets does not put an end to money laundering. Movements between networks complicate tracking, especially when hackers increase the number of transfers. Binance continues to cooperate with authorities to trace and recover the funds. Upcoming moves on Solana, Bitcoin and exchange services could guide research.
The conversion of Solana tokens to Bitcoin opens a new phase in tracking theft. Blocking addresses and sharing data will weigh on the future. Despite the announced freezes, several billion dollars remain affected. The next transfers will make it possible to measure whether investigators further limit the movement of funds linked to Binance.
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