Binance Hacker Converted $175M in Stolen Altcoins Into 2,300 BTC

The actor behind the Binance hack converted about $175 million in stolen altcoins into roughly 2,300 Bitcoin (BTC), according to tracked on-chain records spanning 16 blockchains.

The transfer passed through more than 20,000 wallets and at least 65,000 transactions. The reported $175 million measures the altcoins converted, not the full loss from the original intrusion.

What does the transfer route show?

The route’s breadth is the central operational fact: it crossed 16 blockchains, dispersed activity across more than 20,000 wallets and generated at least 65,000 transactions. That structure gives analysts many transaction records to reconcile and leaves the converted assets embedded in a multichain trail.

The activity documents disposal through conversion rather than one direct transfer. It does not show that the Binance theft itself equaled $175 million, and the report provides no separate total for the original loss.

The report does not date the conversion itself. Its only stated timestamp is 10 a.m. ET on Nov. 7, when the balance snapshot was taken; the report also does not identify a destination exchange for the roughly 2,300 BTC.

How much moved through Wasabi Wallet?

The tracked mixing route involved 88 BTC through Wasabi Wallet. That represented a small portion of the roughly 2,300 BTC conversion, leaving most of the acquired BTC outside the identified Wasabi Wallet leg.

The available data does not identify the destination of the other converted BTC. It also does not provide wallet addresses or name the venue that supplied the altcoins.

The account separates that 88 BTC movement from the hacker’s larger position. It describes the main Bitcoin and Ether (ETH) holdings as untouched.

What did the Nov. 7 balance show?

A balance snapshot taken at 10 a.m. ET on Nov. 7 showed 18,384.725 BTC in addresses tied to the hacker. The snapshot did not include the newly converted roughly 2,300 BTC.

The two figures therefore measure different events. One records the conversion of about $175 million in stolen altcoins; the other records BTC visible in linked addresses at a specified time. The report does not provide a combined balance after the conversion.

Treating the numbers as a single holdings total would misstate the record. The 18,384.725 BTC was the snapshot balance, while the roughly 2,300 BTC was excluded from that snapshot after conversion.

What can the trace establish?

The trace establishes scale and sequence at a high level: stolen altcoins became roughly 2,300 BTC, and the transfer crossed 16 blockchains through more than 20,000 wallets. It records at least 65,000 transactions along the way.

It also identifies a narrow 88 BTC route through Wasabi Wallet and a separate Nov. 7 balance of 18,384.725 BTC. The main Bitcoin and Ether holdings remained untouched, according to the account.

Those limits matter for asset tracing: the report identifies scale and route, but no address-level destination, legal process or seizure. It also does not identify the hacker or specify a year for the Binance intrusion and Nov. 7 snapshot.

The 88 BTC movement should not be read as evidence that the larger position was liquidated. The tracked Wasabi Wallet leg covers one route, while the actor left the main Bitcoin and Ether holdings in place.

Any future enforcement window would become visible only through a disclosed address transfer or court filing linking the converted BTC to recoverable assets. Until then, the latest stated holding remains 18,384.725 BTC, and the roughly 2,300 BTC conversion remains outside the Nov. 7 snapshot.