Binance hackers begin swapping stolen Solana tokens for Bitcoin: Chainalysis

What happened

Chainalysis said Binance hackers began swapping stolen Solana tokens for Bitcoin after mostly emptying temporary Tron wallets. Lookonchain reported that 486,970 SOL, worth about $46.4 million, were being exchanged through Relay. Some stolen assets had been frozen, while Binance said it was restoring withdrawals and pledged to cover losses.

Confirmed

Global impact / market context

Moving stolen tokens into Bitcoin may make tracing and recovering the remaining funds more difficult, while continued freezes could limit what attackers can move. For Binance, restoring withdrawals and covering losses may reduce disruption for customers, but the scale of unrecovered assets remains uncertain.

Analyst inference

The article describes a shift in laundering activity from Tron to Solana and Bitcoin, alongside freezes by Tether and Circle. It distinguishes roughly $500 million in Tron transfers from about $242 million that actually left holding wallets, because the larger figure includes repeated movements.

Confirmed

What to watch

1. Watch for updates on whether investigators or authorities trace and recover the funds that escaped freezes; the article says Binance is working with US authorities. Analyst inference
2. Further wallet movements or swaps from Solana into Bitcoin could show whether the laundering route is continuing, but the article gives no confirmed later totals. Analyst inference
3. Binance said it had begun restoring withdrawals and pledged to cover losses; confirmation of full restoration or details of repayment would clarify customer impact. Confirmed

Affected assets

• SOL — Solana
• USDT — Tether
• BTC — Bitcoin

Evidence

• cointelegraph.com