The effort to launder the $6.43 billion stolen from cryptocurrency exchange Binance now stretches across 16 blockchains, a trail traced through more than 20,000 wallets and roughly 65,000 transactions. The newest phase of the operation leads directly into spot Bitcoin markets, where hackers have converted approximately $124 million worth of stolen altcoins into Bitcoin (BTC).

The findings are detailed in a blockchain forensics report published on November 6, which tracks the movement of the stolen funds across multiple chains and a large network of wallets.

That structure — value split across 16 chains and more than 20,000 wallets via roughly 65,000 transactions — reflects the mechanics of laundering at this scale: every hop fragments the trail further and raises the cost of following it, even though each step remains visible on public ledgers. The latest conversion shifts value out of thinner altcoin markets and into Bitcoin, which hosts the deepest spot liquidity of any cryptocurrency, the market where large volumes can be absorbed most readily.

For exchanges and compliance teams, a forensic wallet map of this kind serves as a screening reference: addresses identified in the report can be checked against incoming deposits, a standard countermeasure once stolen funds are tagged on-chain. Because the entire operation has played out on public blockchains, further conversions or transfers of the stolen funds would likewise be traceable, making updates to the forensic tracking the natural next data point for observers.

Binance is one of the world's largest cryptocurrency exchanges.

This article was first published by COINOTAG on November 7, 2026: https://en.coinotag.com/binance-hackers-convert-124m-stolen-altcoins-into-bitcoin-btc