Hackers tied to the record Binance theft have begun converting a large slice of the stolen XRP into bitcoin, blockchain analytics firm Elliptic said in an update dated through Friday, with about 42 million XRP — roughly $50 million — already swapped, mostly through THORChain.

Converted bitcoin from other stolen assets nearly doubled overnight to about 1,650 BTC, worth some $124 million, Elliptic wrote. Most of that jump came from the XRP route. About 192 million XRP, roughly $226 million, remained unswapped in addresses linked to the Binance theft.

The XRP was part of the Oct. 29 drain that Binance later put at $6.34 billion. Between 20:05 and 20:09 UTC that day, five hot…

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