Hackers linked by the FBI to North Korean state actors have converted $50 million of the 233 million stolen XRP from Binance into 1,650 BTC, primarily utilizing the decentralized protocol THORChain. According to blockchain analytics firm Elliptic, the daily converted Bitcoin yield nearly doubled, while primary Ethereum and Bitcoin holdings from the breach remain untouched. The asset movements aim to evade issuer freezes and continue to weigh heavily on short-term XRP market sentiment.
XRP market sentiment impact
- ▪Market observers expect further conversion of stolen XRP to continue influencing XRP market pricing and regulatory responses from Binance
- ▪The ongoing conversion of XRP stolen from Binance into Bitcoin contributed to short-term negative market sentiment and impacted XRP price prediction markets
Binance 233M XRP theft
- ▪The Binance breach linked to North Korean hackers involved the theft of 233 million XRP, prompting hackers to convert the tokens to prevent freezing by issuers
- ▪Binance and regulatory entities face ongoing legal and market monitoring as hackers systematically move stolen XRP assets
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