Binance hackers still hold $3.1 billion in cryptocurrency after attack
Approximately $3.11 billion of the $6.43 billion stolen in the Binance hack remains in addresses linked to the October 29 attack. According to blockchain analytics firm Elliptic, the attackers have yet to move most of the stolen Bitcoin and Ethereum, despite extensive money laundering activity.
In its report, Elliptic said another $2.85 billion, or 44% of the stolen funds, had been frozen or seized. Most of these assets were stablecoins blocked by issuers Tether and Circle shortly after the attack.
The FBI has linked the hack to the North Korean hacking group TraderTraitor. North Korean authorities deny involvement in the theft.
Hackers used more than 20,000 wallets
According to Elliptic, the attackers used more than 20,000 wallets across 16 blockchains and at least 36 services to move the stolen assets. More than 65,000 transactions have been recorded.
However, most of the stolen Bitcoin remains untouched. The 18,270 BTC, valued at $1.5 billion at the time of the attack, were distributed across 19 addresses and have not moved since.
The nine largest Ethereum addresses, holding 89% of the stolen ETH, have also shown no activity since October 30.
The most intensive activity took place on the Tron network. Over 51 hours, the attackers sent 684.6 million TRX from a single distribution wallet to hundreds of addresses, after which nearly all the funds were converted into Ethereum.
The hackers have also moved or exchanged approximately $87 million worth of stolen SOL. Of the stolen XRP, roughly $50 million has been converted, while $226 million remains untouched.
Elliptic finds no evidence of AI agent involvement
Analysts found that approximately $124 million in stolen funds had already been converted into Bitcoin, including through the cross-chain protocol THORChain. Another 33 BTC passed through transaction-mixing mechanisms, while approximately $1.1 million in ETH and SOL was transferred to the Privacy Cash service.
The speed of the transactions prompted speculation that autonomous AI agents were involved. However, Elliptic believes the observed activity can be explained by conventional automation, with no evidence of independent decision-making by artificial intelligence.
The company expects the attackers to gradually convert the remaining ETH into Bitcoin before attempting to cash out through over-the-counter brokers and cryptocurrency exchanges. The process could take several months.
Meanwhile, Binance announced plans to resume HYPE withdrawals, along with INJ, APT, PLASMA, NEAR, LTC, and other assets on restored networks, by the end of next week.
Services will be restored in stages, while deposits remain available. The exchange has also enabled users to verify that balances are backed at a ratio of at least 1:1 using zero-knowledge proof-of-reserves technology.
Earlier, we reported that Binance customers withdrew approximately $5.8 billion from the platform after the massive hack. The outflows came amid concerns about asset security and the exchange's financial stability.
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