A wallet associated with the $6.3 billion Binance breach moved $46.4 million worth of Solana (SOL) on November 1 as SOL traded below $95, sparking speculation about possible conversions into Bitcoin and their potential impact on the token’s price.
Large SOL transfers tracked after Binance hack
Blockchain analytics firm Lookonchain observed that addresses linked to the Binance hacker controlled 970,522 SOL, valued at approximately $95.9 million. Within one hour, about 486,970 SOL (worth $46.4 million) was transferred, reportedly utilizing Relay Protocol, a cross-chain swap platform.
Mini dictionary: Relay Protocol is a cross-chain service that allows users to transfer assets between different blockchain networks, facilitating interoperability without the need for centralized exchanges.
Despite the significant movement of funds, Lookonchain’s data showed that only about half of the hacker’s SOL balance was transferred. There was no direct evidence confirming a completed swap into Bitcoin, as only wallet activity was publicly visible, not finalized exchange transactions.
Analysts question link between transfers and market impact
Whale Alert, a blockchain transaction monitoring service, separately flagged a transfer of 485,270 SOL at 09:39 UTC, valued at $46.35 million. The tokens were moved from an address labeled as “Binance Hack 2026” to another wallet on the Solana network.
The two independent tracking entities reported similar transfer amounts, though these may represent the same tranche of funds. Neither the wallet transfer nor engagement with cross-chain swap platforms conclusively indicated if the assets were sold for Bitcoin or other cryptocurrencies.
Analyst Ted Pillows on X linked the observed wallet activity to weaker SOL price action, suggesting that the movement of funds and potential conversion into Bitcoin could have affected sentiment. However, public transaction records have not confirmed any direct market sales responsible for SOL’s recent price moves.
Cross-chain routing can facilitate swaps between cryptocurrencies, but these do not guarantee immediate spot trades on centralized exchanges, where order book depth would determine the direct impact on SOL’s price.
Solana’s decline preceded by earlier downtrend
SOL traded near $94.76 on November 1, marking a 0.99% decline over 24 hours, with trading volumes of approximately $1.3 billion. Notably, Solana had already dropped roughly 6.6% on October 29, ahead of the latest reported transfers related to the Binance hacker.
This earlier price weakness indicates that the observed wallet activity could not account for the entire decline in SOL’s value. On October 31, the Federal Bureau of Investigation (FBI) publicly attributed the $6.3 billion Binance theft to the North Korea-based TraderTraitor operation, adding that most conversions had previously been directed into Ethereum rather than Bitcoin.
Mini dictionary: TraderTraitor is a hacking group reportedly linked to North Korea, known for cyberattacks targeting cryptocurrency platforms and laundering stolen assets through complex blockchain transactions.
The FBI advised decentralized services and instant-swap providers to block the suspects’ known addresses, citing concerns over laundering risks. Binance, the world’s largest crypto exchange by trading volume, stated that it had replaced nearly 95% of the stolen assets and restarted phased withdrawals for users.
Binance’s security team emphasized that close monitoring of the hacker’s remaining holdings is ongoing, but noted that on-chain data alone does not substantiate claims that the SOL-to-BTC conversions directly caused Solana’s latest drop.
