Binance Hack Conversions Yield 1,650 Bitcoin Worth $124 Million, Mostly via THORChain

Illicit actors linked to the Binance breach have accumulated approximately 1,650 Bitcoin, valued at about $124 million, by accelerating asset conversions that nearly doubled within a single day. The laundering efforts primarily utilized decentralized liquidity protocol THORChain to swap around 42 million stolen XRP, worth roughly $50 million, into Bitcoin. The transactions stem from an initial theft of 233 million XRP, which the FBI attributed to North Korean state-sponsored hackers. Approximately 192 million XRP worth about $226 million remains unconverted, while primary holdings of Ether and original Bitcoin remain untouched.