According to the latest blockchain analysis data from Lookonchain on November 4th, the hacker behind the major attack on Binance is still continuing to buy more Bitcoin (BTC). This hacker continues to exchange SOL for Bitcoin and transfers the stolen assets between multiple cryptocurrency wallets.

This blockchain tracking agency added that hackers are converting the stolen encrypted assets into Bitcoin through the following multi-step process.

The complex operations include: first distributing the SOL in hand to different wallets, then selling SOL to exchange for USDC; subsequently transferring USDC from Solana to Ethereum; then using USDC to buy ETH; and finally, through the decentralized cross-chain liquidity protocol THORChain, exchanging the newly purchased ETH for BTC.

This lengthy and complex cross-chain transaction process allows hackers to transfer funds more easily between different blockchain networks, making it more difficult to track the stolen assets.

Hackers target nearly $100 million in stolen Solana assets

This is not the first time that the hacker has used stolen funds to buy Bitcoin. In fact, earlier on, it was discovered that he had used stolen SOL worth tens of millions of dollars to conduct transactions for buying Bitcoin.

According to the data from Lookonchain on November 1st, the Binance hackers were attempting to exchange approximately 970,522 SOL for Bitcoin at that time; as of the time of publication, the value of this asset is estimated to be around 95.9 million US dollars.

It was also shown on the blockchain that hackers initiated a transaction involving 486,970 SOL within just one hour, with an amount of approximately 46.4 million US dollars.

However, in these transactions, the hackers used another service named Relay Protocol, which also supports cross-chain encrypted asset transfers.

According to the latest blockchain data, this hacker still seems to be focused on Bitcoin and is also using multiple decentralized services to exchange the stolen cryptocurrency assets.

Progress in Compensation for the Binance Hacker Incident

An latest official update from Binance shows that the value of encrypted assets affected by this large-scale security vulnerability incident is approximately 6.34 billion US dollars.

According to this update, the exchange stated that as of November 3, approximately $2.85 billion in stolen cryptocurrencies had been frozen or intercepted.

U.S. federal authorities claim that this attack was carried out by a hacker group named TraderTraitor, which is supported by North Korea.

The Federal Bureau of Investigation (FBI) of the United States is also requesting various decentralized encryption services, such as THORChain, to prevent funds related to this attack from continuing to circulate.

Despite these measures, the latest on-chain data still shows that this hacker is transferring the stolen funds between different networks.