Binance hackers swapped $46.4 million in stolen Solana (SOL) for Bitcoin (BTC) via the Relay protocol, according to on-chain analysis from Lookonchain. The attackers moved approximately 492,100 SOL tokens at current prices of $94.28 per SOL and $77,805 per BTC.
Relay facilitates atomic swaps between blockchains, making fund tracing harder than centralized exchange deposits. Converting a large SOL position into Bitcoin—the most liquid and fungible crypto—is a deliberate move to obscure stolen asset origins and prepare funds for further laundering or off-ramping. The execution across multiple liquidity pools or through market absorption avoided triggering sharp SOL price movement, suggesting careful distribution.
Bitcoin offers attackers superior liquidity and access to mixing services including coinjoin protocols—critical tools for obfuscating transaction trails. This shift from Solana to Bitcoin's network complicates forensic analysis given its vast transaction volume and privacy-enhancing tools. The move underscores Bitcoin's role as the settlement layer for illicit transfers, even among bad actors, due to network robustness and market depth.
