Elliptic: Binance Hackers Swapped Stolen Tokens for $124M in Bitcoin

The conversion into bitcoin, rather than a cash-out, suggests a consolidation phase typical of large-scale thefts, with Elliptic's finding that little has been cashed out pointing to a deliberate holding strategy. The $2.85 billion still frozen shows exchange and analytics cooperation is constraining liquidity, which matters for how recoverable assets are perceived in future incidents. Whether the remaining bitcoin moves through mixers or bridges, and how Binance's phased withdrawal reopening affects user confidence, are the open questions.