$891 Million in Stolen Funds Potentially Moved or Laundered Following $6.34 Billion Binance Hack - FinanceFeeds

Blockchain investigators identify renewed activity through THORChain and Chainflip as North Korean-linked attackers continue moving assets from the largest cryptocurrency theft on record. The $891.37 million estimate includes assets potentially transferred or laundered, though it doesn't confirm successful conversion into cash. Onchain Lens also estimated attackers retained control of approximately $2.85 billion in additional assets, while another $2.6 billion remained frozen.

Cross-Chain Movement

The latest activity highlights how cryptocurrency attackers use decentralized infrastructure to move stolen assets between blockchain networks while attempting to complicate forensic investigations. THORChain and Chainflip facilitate cross-chain asset exchanges, allowing users to convert cryptocurrency without relying entirely on centralized trading platforms.

Independent research by blockchain analytics firm Bitquery identified approximately $333 million in assets moved through laundering routes during the first week following the Binance breach, including approximately $113 million routed through THORChain. Global Ledger traced $1.28 billion in transfers from attacker-controlled wallets to external counterparties between October 29 and November 4.

FBI Investigation

The Federal Bureau of Investigation attributed the October 29 attack to North Korea's TraderTraitor cybercrime group in an October 31 advisory. The agency warned cryptocurrency exchanges, blockchain infrastructure providers and decentralized services to identify and block transactions connected to attacker-controlled addresses.

Binance confirmed that approximately $6.34 billion in cryptocurrency had been affected, announcing measures to replenish customer assets using company resources. In its November 3 update, Binance reported that approximately $2.85 billion had been frozen or intercepted, exceeding Onchain Lens's later $2.6 billion frozen-assets estimate.

Laundering Techniques

Blockchain analytics firm Elliptic identified more than 20,000 wallets and 65,000 transactions associated with the laundering operation across 16 blockchains. The firm also documented attempts to disguise stolen funds through newly created memecoins and decentralized liquidity pools.

Despite the extensive transaction activity, Elliptic estimated that only a negligible portion of the stolen cryptocurrency had been successfully cashed out. The latest $891 million assessment therefore illustrates the continuing movement of stolen assets rather than confirmed realization of illicit proceeds, as investigators and exchanges attempt to trace and restrict the remaining funds.