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Elliptic says little of Binance hack loot has been cashed out
Blockchain analytics firm Elliptic says little of the crypto stolen in the Binance hack has likely been cashed out, while $2.85 billion remains frozen. The exchange is Binance, a cryptocurrency exchange and finance company based in the United Arab Emirates and founded in 2017.
What Elliptic says about the stolen funds
According to The Block, which reported the findings, Elliptic believes that only a small share of the stolen crypto has likely been converted into cash so far.
The same assessment puts $2.85 billion of the funds in a frozen state, meaning it is currently not available to the people who took it.
Background on the exchange
Binance is a cryptocurrency exchange and finance company headquartered in the United Arab Emirates. It was founded in 2017.
Open questions
- How much of the frozen $2.85 billion can ultimately be recovered?
- Will the cashed-out share rise as frozen funds are released or moved?