Binance Hackers Route $50M in Stolen XRP Through THORChain to Bitcoin
Exploiters have converted roughly 42 million stolen XRP into Bitcoin, elevating laundered BTC balances to approximately 1,650.
Cybercriminals tied to an earlier security breach on Binance have initiated a massive asset conversion, executing a stolen XRP Bitcoin swap of around 42 million tokens valued at nearly $50 million. Blockchain analytics firm Elliptic confirmed the transactions, reporting that the perpetrators routed the funds across decentralized cross-chain protocol THORChain to obscure the audit trail.
According to details shared by Bitcoin Magazine, this extensive swapping activity has increased the total Bitcoin acquired from the exploit to roughly 1,650 BTC. The cross-chain routing mechanism allows attackers to switch settlement layers without requiring identity verification or centralized custodian oversight, presenting ongoing tracing challenges for law enforcement.
Cross-chain liquidity pools have increasingly faced scrutiny from compliance researchers due to their frequent utility in large-scale illicit capital flight. While decentralized infrastructure offers frictionless interoperability for legitimate users, malicious actors leverage the same mechanics to bypass exchange blacklists.
Investigators and exchange risk desks are actively tagging the recipient Bitcoin addresses to intercept the capital should it reach regulated off-ramps. The broader sector will watch how cross-chain networks navigate compliance pressures as institutional scrutiny over cross-asset laundering intensifies.
Key takeaways
- Around 42 million stolen XRP worth $50 million was swapped into Bitcoin via THORChain.
- The total Bitcoin amassed from the exploit has reached approximately 1,650 BTC.
- Onchain forensics teams are tagging destination addresses to restrict off-ramp access.