XRP's Stolen Haul Is Shrinking — and It's Being Swapped for Bitcoin
Published on 11/12/2026 at 12:10 | Editorial boerse-global.de
The XRP war chest controlled by the attacker behind October's Binance breach is thinning out, and the direction of travel is clear: out of XRP, mostly into Bitcoin. Blockchain analytics firm Elliptic put the remaining balance at roughly 60 million XRP as of Tuesday, according to media reports — a fraction of the 233.46 million tokens Binance flagged as unauthorized transfers from its hot wallets following the security incident on October 29.
Overnight, about 35 million XRP moved through THORChain, predominantly converted into Bitcoin. That reshuffling materially changes the makeup of the stolen holdings. The caveat for investors is that wallet movements offer only limited insight into actual sales — the shrinking balance documents a changed position more than it proves a completed sell-off.
What the trail shows
Earlier in the week, blockchain analysis from Bitquery traced XRP transfers worth $57 million across the preceding 19 hours, attributing the activity to the attacker's money-laundering operations. Elliptic's later tally rounds out that picture with the residual XRP amount and the preferred conversion route.
For holders, the key question is how aggressively the attacker keeps rotating the tokens and whether that translates into fresh selling pressure. The evidence so far points to continued conversions, though the wallet data alone cannot pin down how much XRP was genuinely sold.
Should investors sell immediately? Or is it worth buying XRP?
Fund flows add a second drag
Demand through US spot XRP ETFs has been weak at the same time. The funds recorded net outflows of $10.4 million on Tuesday, media reports said, and had failed to post a single day of positive net inflows in the prior week. On Monday, $9.4 million of outflows were attributed to Bitwise's XRP fund.
Over a seven-day window, XRP shows a change of -13%, framing the softness as more than a one-day blip. Tuesday's market coverage also pointed to muted risk appetite and expectations of higher US interest rates, with broader crypto reports citing ETF outflows and liquidations as headwinds.
Leveraged buyers felt the pinch too. XRP futures liquidations across seven exchanges hit $26.02 million on Monday, with long positions accounting for 98.4% of the total — forced closures that fell almost entirely on traders betting on higher prices.
XRP at a turning point? This analysis reveals what investors need to know now.
A separate calendar item for the ledger
Away from the market stress, the XRP Ledger has a technical date circled. The XRPL community blog announced on Monday that the testnet and devnet will be reset on November 25, 2026, aimed at greater server stability with a complete transaction history.
The two storylines run on different tracks: network maintenance addresses technical resilience, while near-term sentiment is being shaped by capital leaving the funds and the movements of stolen tokens. A friendlier demand picture through the ETFs would require the outflows to ease or reverse — and for now, the flows and the swaps are pointing the same way.
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