Stolen Binance Bitcoin, XRP on the Move as $3.1B Remains Unlaundered: Elliptic

The hackers behind the $6.4 billion Binance theft have started moving stolen XRP and converting additional assets into bitcoin, while roughly $3.1 billion of the haul remains largely unlaundered more than a week after the attack, according to an Elliptic analysis updated Friday. Elliptic reported that about 42 million XRP are now in motion as the perpetrators shuffle funds across wallets and rotate into bitcoin. The scale of the theft and the slow pace of laundering matter because the untouched billions represent a potential overhang of supply that could hit the market if moved in size. Market participants will be watching Elliptic's wallet tracking for the next tranches of XRP and bitcoin conversions, and for whether the remaining $3.1 billion begins to move.