<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/binance-breach-stolen-solana-converted-to-bitcoin-through-thorchain" rel="noopener noreferrer nofollow">Binance Breach: Stolen Solana Converted to Bitcoin through THORChain</a><br></p>
<p style="text-align: justify">In a sophisticated maneuver following a significant cyberattack on <a href="https://en.bitcoinhaber.net/binance-halts-iotex-transactions-for-upgrade" rel="noopener noreferrer nofollow">Binance</a>, the perpetrator continues converting stolen <a href="https://en.bitcoinhaber.net/analyst-sees-positive-trend-in-solana" rel="noopener noreferrer nofollow">Solana</a> assets to <a href="https://en.bitcoinhaber.net/bitcoin-a-new-contender-in-global-financial-markets" rel="noopener noreferrer nofollow">Bitcoin</a>. On-chain data platform Lookonchain revealed on November 4th that the hacker is transferring funds across various wallets through a series of cross-chain transactions.</p>
<h2 id="cross-chain-strategy-complicates-asset-tracking">Cross-Chain Strategy Complicates Asset Tracking</h2>
<p style="text-align: justify">According to Lookonchain, the attacker initially splits the Solana (SOL) assets into multiple wallets and exchanges them for USDC. The USDC is then transferred from the Solana network to Ethereum, converted to Ethereum (ETH), and ultimately swapped for Bitcoin via THORChain. Known for enabling swaps across different blockchains without intermediaries, THORChain eases asset transfers but complicates tracing.</p>
<blockquote>
 <p>The attacker’s multi-step process facilitates the movement of stolen crypto assets, making detection significantly harder across networks.</p>
</blockquote>
<p style="text-align: justify">This method is not unprecedented; previously, blockchain data identified that the hacker used this approach to convert tens of millions of dollars worth of stolen SOL into Bitcoin.</p>
<h2 id="high-value-transactions-traced-in-early-november">High-Value Transactions Traced in Early November</h2>
<p style="text-align: justify">On November 1st, Lookonchain reported that the attacker attempted to convert approximately 970,522 SOL, valued at around $95.9 million, into Bitcoin. In just one hour, a substantial transaction of 486,970 SOL, worth roughly $46.4 million, was executed. Earlier operations utilized the Relay Protocol instead of THORChain. Relay Protocol also supports cross-network crypto transfers. Latest figures show the hacker now leveraging multiple decentralized services to continue acquiring Bitcoin.</p>
<blockquote>
 <p>The FBI has requested platforms like THORChain to halt movements of funds linked to the attack.</p>
</blockquote>
<h2 id="exchange-s-intervention-fails-to-halt-fund-mobility">Exchange’s Intervention Fails to Halt Fund Mobility</h2>
<p style="text-align: justify">Despite Binance’s latest update indicating that approximately $6.34 billion of affected crypto assets were frozen or blocked as of November 3rd, ongoing chain data reveals the attacker is maneuvering the remaining funds across different networks. Investigations indicate a focus on converting these assets to Bitcoin, employing a multi-step strategy to evade detection.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span><a href="https://en.bitcoinhaber.net/binance-breach-stolen-solana-converted-to-bitcoin-through-thorchain" rel="noopener noreferrer nofollow">Binance Breach: Stolen Solana Converted to Bitcoin through THORChain</a></h5>

Binance Breach: Stolen Solana Converted to Bitcoin through THORChain

Table of Contents

BH NEWS

Other articles published on Nov 4, 2026

Join our free newsletter for daily crypto updates!