Binance hack funds flow to Chinese launderers, Chainalysis says

Binance disclosed the theft on Oct. 29, in what has become the largest cryptocurrency hack on record. | REUTERS

By Micah Barkley — Ben Weiss
BLOOMBERG

Nov 6, 2026

Hackers behind the $6.3 billion theft from Binance Holdings are moving some of the stolen cryptocurrency through Chinese money-laundering networks, according to blockchain analytics firm Chainalysis.

The hackers, identified by U.S. authorities as members of North Korea’s TraderTraitor group, have been seen transferring stolen assets through thousands of digital wallets and across multiple blockchains in an effort to obscure their origins. North Korean hackers are said to have used Chinese money-laundering networks in previous thefts as well, and Chainalysis said that it’s tracked hundreds of thousands of dollars from the Binance theft — a fraction of the total stolen — flow into these networks.

The flows into money laundering networks, which include over-the-counter trading desks, suggest that hackers are pushing to take funds off of blockchain networks and cash them out, said Chainalysis.

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