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Binance Hackers Converted $50 Million in XRP Mostly to Bitcoin, Elliptic Reports
(4 hours ago) · 2 sources · Summarized by CryptoBipto
Blockchain analytics firm Elliptic reported that hackers linked to a Binance breach swapped approximately $50 million worth of XRP, converting most of it into Bitcoin. The report traces the movement of stolen funds through various channels as the attackers attempted to launder the proceeds.
WHY IT MATTERS
When hackers steal cryptocurrency from an exchange, they often try to convert it into different types of crypto to cover their tracks — similar to how a thief might exchange stolen goods for cash at different locations to avoid detection.
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SOURCES
- thedefiant.io
- bitcoinmagazine.com
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XRPBTCExchange SecurityBlockchain AnalyticsMoney LaunderingHacking