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Chainalysis said in a report released today that the hacker behind the Binance breach swapped about $325 million in stablecoins into $285 million worth of Ethereum over roughly 20 minutes to evade asset-freeze measures.
The blockchain analytics firm estimated total outflows from the incident at about $6.4 billion and frozen assets at about $2.8 billion. It said those figures were broadly in line with estimates from Binance, which put the amounts at $6.3 billion stolen and $3.0 billion frozen, and Arkham, which estimated $6.01 billion in outflows and $2.8 billion frozen.
Chainalysis said it had identified North Korea-linked hacking group TraderTraitor, affiliated with the Reconnaissance General Bureau, as being behind the attack with a high degree of confidence. As decisive on-chain evidence, the firm pointed to real-time commingling between funds stolen from Binance and funds tied to the Bitget breach in September. It also said it detected sophisticated automated laundering patterns, including thousands of circular wallet-to-wallet transfers and the pre-transfer of 1 TRX to specific addresses.