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Magyar1 Nov 2026
Lookonchain says the Binance hacker is swapping 970,522 stolen SOL, worth about $95.9M, into BTC through Relay Protocol. About 486,970 SOL ($46.4M) moved in a single hour, while Binance reopens withdrawals in phases starting with bitcoin.
Exchanges TradeReviewed News Desk
The Binance hacker has started converting stolen Solana into Bitcoin. According to on-chain analytics account Lookonchain, the attacker holds 970,522 SOL, worth roughly $95.9 million, and is swapping it for BTC through the cross-chain service Relay Protocol.
In the hour before the alert, the hacker moved 486,970 SOL, about $46.4 million, which is roughly half of the stolen SOL balance. The wallet involved is visible on Arkham.
How this fits the laundering pattern
Earlier today the same attacker dumped more than 130 altcoins for about $279M in ETH and USDC on EVM chains. Moving SOL into BTC follows the same idea: concentrate many assets into a few deep, liquid coins that are easier to move later.
The swaps come as Binance reopens crypto withdrawals in phases, starting with bitcoin, after the $6.3 billion hack. We covered the phased plan in our withdrawals update.
Why the swap matters for SOL and BTC
A forced seller of close to a million SOL is a real supply event for the Solana market, even when the coins are routed through a cross-chain service rather than sold on a centralized exchange. The swap still has to find buyers somewhere in the liquidity chain, and that can weigh on SOL spot prices and funding rates while it lasts. On the bitcoin side, the hacker becomes a buyer, but the coins could later reappear as sell pressure once they are moved again. Lookonchain did not say how much of the SOL had already been converted to BTC at the time of the alert, so the final BTC amount is not yet known.
What traders should watch
- SOL sell pressure: about half of the stolen SOL is still unswapped, so further on-chain selling remains possible.
- BTC destination: once in BTC, a move to mixers or OTC desks could become the next headline.
- Relay and bridge responses: any freeze or block by cross-chain services would change how fast the funds can move.
If you are reviewing where you keep funds after the hack, our exchange comparison puts fees, proof of reserves and security side by side, including our top picks BingX and OKX. This is not financial advice.
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Sources
- Lookonchain: The Binance hacker is swapping the stolen 970,522 SOL for BTC
- CoinDesk: Binance opens crypto withdrawals in phases starting with bitcoin following $6.3 billion hack
News is for information only and is not financial advice. More crypto news
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