Forecast Trend Report by Period
Funds linked to the Binance hack continue to move, with Solana being converted into Bitcoin, on-chain data showed.
On-chain analytics firm Lookonchain said on November 4 that the entity identified as the Binance hacker has been splitting its Solana holdings across multiple wallets and continuing to swap them into Bitcoin.
The transfers are being carried out in several steps. First, the Solana is split across multiple wallets and sold for the stablecoin USD Coin, or USDC.
The USDC is then bridged to the Ethereum network and exchanged for Ether.
In the final step, the hacker is believed to have used cross-chain liquidity protocol THORChain to convert the Ether into Bitcoin.
Lookonchain said the same pattern of transactions continues to be observed in wallets tied to the hack. The post did not disclose the size of the transfers or the hacker's final Bitcoin holdings.
Suehyeon Lee
