Chainalysis Traces Binance Stolen Funds to Chinese OTC Networks

Chainalysis traced hundreds of thousands of dollars in cryptocurrency stolen from Binance into Chinese laundering networks, including over-the-counter platforms, identifying one route in the hackers’ effort to cash out.

The amount reaching those networks is a small fraction of the $6.3 billion theft. Across the wider laundering activity, nearly $1 billion in stolen assets has begun moving into laundering channels. Chainalysis described the China-linked transfers as evidence that hackers are trying to cash out.

The firm also tracked about $500 million through TRON, where funds were distributed among more than 1,000 addresses before moving to Ethereum and Bitcoin. That route shows how the stolen assets were split across wallets before crossing chains.

A later laundering phase involved Solana after funds passed through intermediary TRON wallets. The full tracing covers movement across several blockchains as well as transfers into Chinese over-the-counter networks. Investigators are following these routes as they track attempts to turn stolen cryptocurrency into spendable value from the original theft.