About $50M in Stolen XRP Converted Into 1,650 BTC, Mostly Through THORChain

About $50 million in stolen XRP has been converted into 1,650 Bitcoin (BTC), with most swaps routed through THORChain as part of the Binance theft’s cross-chain trail.

The 1,650 BTC figure is the output of conversions from stolen assets. It is separate from the main Bitcoin and Ether (ETH) holdings linked to the theft, which remain untouched. That distinction matters because the reported movement concerns XRP being converted into another asset, while the main BTC and ETH holdings were not part of the new flow.

The XRP was part of 233 million XRP stolen from Binance. The FBI has linked the Binance theft to North Korean state hackers. The FBI attribution concerns responsibility for the theft; the update describes how part of the stolen XRP moved.

THORChain was the route for most of the swaps, connecting the reported XRP outflow with the BTC received. The conversions changed the form of the funds rather than adding a new loss figure: about $50 million in XRP was tracked through conversions, and the amount on the Bitcoin side reached 1,650 BTC. The main stolen Bitcoin and Ether holdings remained unmoved.