Binance Hack Takes Another Twist as Hackers Amass 2,300 More Bitcoin

Binance hackers have converted roughly $175 million in stolen altcoins into about 2,300 BTC, according to blockchain analytics firm Elliptic, swelling the attacker’s bitcoin holdings beyond the 18,270.2 BTC originally drained from the exchange in the $6.3 billion hack. The conversion adds to what is already one of the largest exploits in crypto history and concentrates the stolen value in bitcoin rather than the diverse tokens taken. The move matters because it gives the attacker a more liquid, widely accepted asset and could signal intent to hold rather than quickly liquidate. Market participants will be watching the attacker’s wallets for further conversions, consolidation, or transfers to exchanges, and monitoring whether the bitcoin overhang weighs on sentiment.