Reported Binance Theft Converts $124M of Altcoins Into Bitcoin
A reported group behind the Binance theft exchanged $124 million in stolen altcoins for Bitcoin as the exchange resumed customer withdrawals.
A reported group behind the Binance theft exchanged $124 million in stolen altcoins for Bitcoin as the exchange resumed customer withdrawals. Bitcoin (BTC) is trading at $75,962.00. This is an original TLT brief based on reporting by Cryptopolitan, with live market data added, as of Sat, 07 Nov 2026 02:00:05 UTC.
The reported conversion places $124 million of illicitly obtained altcoins into the Bitcoin market at the same time Binance customers regained access to withdrawals. The timing may increase scrutiny of transaction flows and how stolen assets move across exchanges.
- Reported hackers exchanged $124 million of stolen altcoins for Bitcoin
- The activity coincided with Binance reopening customer withdrawals
- Bitcoin trades at $75,913, down 0.39% over 24 hours
- The Fear & Greed Index stands at 25, labelled Extreme Fear
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- Reported Binance Theft Converts $124M of Altcoins Into Bitcoin — this brief
According to a November 6 report from Elliptic cited by Cryptopolitan, hackers linked to the theft of coins valued at $6.43 billion from Binance exchanged $124 million worth of stolen altcoins for 
Bitcoin. The transactions were reported to be occurring alongside Binance’s reopening of customer withdrawals.
Only Cryptopolitan covered the development in the supplied reporting, so there is no second outlet independently confirming the timing or the $124 million conversion amount. The available summary also frames the reported activity as an altcoin-to-Bitcoin swap rather than a direct cash-out.
Binance’s withdrawal reopening is the immediate operational context. The reported conversions show that assets identified as stolen were being moved into Bitcoin rather than left in their originally stolen altcoin forms, although the supplied coverage does not describe the wallets used, counterparties, or subsequent transactions.
The broader crypto market was flat, with total capitalization at $2.62 trillion, while Bitcoin was down 0.39% over 24 hours and 1.85% over seven days. Bitcoin traded at $75,913 and carried a $1.53 trillion market capitalization; the Fear & Greed Index stood at 25, labelled Extreme Fear. The reported $124 million swap is notable against these market conditions, but the supplied data does not establish a direct effect on Bitcoin’s price.
Since this brief published about 3 hours ago, Bitcoin (BTC) has moved from $75,913.00 to $75,962.00 — +0.06%.
The chart plots BTC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 BTC ≈ ₦104.82M (about $75,962.00), down 0.1% over 24 hours. The naira itself trades about 2.4% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Reported Binance Theft Converts $124M of Altcoins Into Bitco — questions & answers
How much did the reported hackers convert into Bitcoin?
Elliptic’s November 6 report, as cited by Cryptopolitan, put the altcoin-to-Bitcoin swaps at $124 million.
When did the reported swaps occur?
They were reported to be happening simultaneously with Binance reopening customer withdrawals.
How was Bitcoin trading during the report?
Bitcoin was priced at $75,913, down 0.39% over 24 hours and 1.85% over seven days.
How much is 1 Bitcoin worth in naira today?
About ₦104.82M at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $75,962.00. The naira price moves with both BTC's US-dollar price and the USDT/NGN rate; use our Bitcoin in naira page for any amount.
Has Bitcoin's price moved since this brief was published?
BTC is up 0.06% since this brief first published — trading at $75,962.00 now versus $75,913.00 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Cryptopolitan. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.