SOL Moves Through USDC and ETH Before THORChain BTC Conversion

Lookonchain says wallets tied to the $6.3 billion Binance exploit are moving stolen SOL toward Bitcoin through a conversion route that includes Ethereum and THORChain. In the route, SOL is sold for USDC, which moves to Ethereum to buy ETH before the ETH is swapped for BTC through THORChain.

The funds were first split among multiple wallets before the SOL sales. The route changes the asset at each stage: SOL becomes USDC, then ETH, and finally BTC. SOL does not move directly into BTC in this route; USDC and ETH are intermediate assets.

THORChain is the final conversion stage, after USDC moves to Ethereum and is used to buy ETH. The conversion into BTC is ongoing, making Bitcoin the destination asset in this movement. USDC and ETH serve as the two intermediate assets between the initial SOL and final BTC.