According to CryptoQuant’s tracking, the Binance attacker converted about 435 million USDT to Ethereum before the stablecoins were frozen, while the ETH balance across 11 addresses linked to the attack reached 462,600.
An analysis shared by CryptoQuant’s Julio Moreno on October 30 examines the subsequent movements of assets withdrawn from Binance and the addresses holding them. The analysis says that about $3.70 billion in outflows on the Ethereum network from Binance 14, Binance 7, and a Binance hot wallet were first moved to a single recipient, then to different addresses.
435 million USDT converted to ETH before the freeze
According to the tracking, Tether and Circle froze a total of approximately $2.20 billion in stablecoins across three addresses. About $1.38 billion was recorded as USDT and $823 million as USDC.
Before the freezes, the attacker converted about 435 million USDT to ETH through 0x Protocol, 1inch, LiFi, and Uniswap. In addition, 60 million USDT remains locked as collateral for a loan of 19,800 WETH taken out on Aave v3.
The freeze amount in the analysis reflects the breakdown for the three addresses examined; it is not added to amounts in previous statements to calculate a new total loss.
Most of the $1 billion in Ethereum is held across three addresses
The 11 addresses said to be under the attacker’s control hold 462,600 ETH. At prices at the time of the post, this balance was worth about $1.04 billion, with 85 percent concentrated in just three addresses.
In addition, the analysis reports about $400 million in assets across various tokens, including XAUT, WBETH, ENA, RLUSD, and USD1, which were sold in decentralized exchange pools in sequence through wallets. These movements provide a broader breakdown of the distribution of funds following the altcoin sales we previously reported.
18,270 BTC remain inactive on the Bitcoin network
On the Bitcoin network, 18,270 BTC withdrawn from a cold wallet were distributed via an intermediary address to 19 new addresses. Seventeen of these addresses hold exactly 1,000 BTC. The Bitcoin, valued at approximately $1.42 billion, reportedly had not moved again by the time the analysis was shared.
We examined the structure of these Bitcoin transfers in our previous report; what stands out in the new breakdown is the USDT-to-ETH conversion before the freeze and the addresses where the remaining Ethereum is concentrated.
Not investment advice.