Elliptic links $124M Binance Theft Conversion to Bitcoin

Cryptopolitan, citing an Elliptic report dated November 6, says hackers responsible for stealing coins worth $6.43 billion from Binance converted approximately $124 million of stolen altcoins into Bitcoin. The transactions occurred as Binance reopened its withdrawal function for customers, according to the report. The movement described is an asset conversion rather than a reported cash-out. Cryptopolitan’s summary emphasizes that the hackers exchanged the stolen altcoins for Bitcoin, leaving the proceeds concentrated in the exchange’s most widely traded digital asset rather than converting them directly into fiat or other liquid balances.

Only Cryptopolitan covered the development in the supplied material, so the reported $124 million conversion and its timing are based on the outlet’s summary of Elliptic’s findings. No second outlet independently corroborates the transactions, and the available summary provides no breakdown of the altcoins involved or the wallets used.

The report places the activity in the context of Binance’s customer withdrawals, which had been reopened at the time of the transactions. That timing connects the exchange’s restoration of withdrawal access with the reported movement of the stolen assets into Bitcoin, although the summary does not specify when withdrawals first reopened or whether the conversion affected withdrawal processing.

Live market data show Bitcoin at $75,818, down 0.49% over 24 hours and 1.41% over seven days. Its market capitalization is $1.52 trillion within a $2.61 trillion total crypto market that is broadly flat, while the Fear & Greed index stands at 25, labeled Extreme Fear. Further on-chain conversion and the continued availability of Binance withdrawals are the relevant indicators to monitor.