Chainalysis Tracks Stolen Binance Crypto Into Chinese OTC Laundering Rings

Chainalysis has followed a chunk of the crypto stolen from Binance straight into Chinese laundering networks, including over-the-counter platforms, according to a report from tokenpost. The dollars reaching those OTC desks run into the hundreds of thousands — a sliver of the $6.3 billion theft, but a clear breadcrumb trail.

Zoom out and the picture gets bigger fast. Nearly $1 billion of the stolen assets has already started flowing into laundering channels, Chainalysis found. The firm points to the China-linked transfers as evidence the hackers are actively trying to cash out, not just sit on the loot.

One route ran through TRON. Chainalysis tracked roughly $500 million moving across the network, where it was scattered among more than 1,000 addresses before jumping to Ethereum and Bitcoin. That wallet-splitting and chain-hopping is how the haul gets broken into harder-to-follow pieces.

Solana came into play later. Funds that had already passed through intermediary TRON wallets moved into the Solana network in a subsequent laundering phase, adding another layer between the original theft and any attempt to spend it.

The full trace stretches across several blockchains, from the China-bound OTC transfers to the multi-chain scrambles in between. Investigators are still following the routes as they work out how much of the stolen crypto actually gets converted into spendable value.