ELLIPTIC SAYS A COINJOIN ‘BREAKS THE VISIBLE LINK’ — ITS BLOCKLIST NAMES 23 OUTPUTS WORTH 22.44 BITCOIN ON THE FAR SIDE — THAT IS 9.76 MORE THAN THE LISTED COINS PUT IN
On November 2, 2026, Elliptic reported the first mixing of funds from the Binance theft. About 28 bitcoin went through 18 coinjoins starting at 05:55 UTC on November 1, using WabiSabi, the protocol behind Wasabi Wallet. A coinjoin, it wrote, “breaks the visible link” between coins going in and coins coming out. These are not the 18,270 bitcoin on the FBI’s list. At block 974,389, those had not moved, on two block explorers.
Elliptic also publishes a free blocklist and tells engineering teams to fetch it on a schedule, for example hourly. I pulled the copy last changed at 13:27 UTC on November 3 and checked its 152 bitcoin addresses on chain. They touch 15 coinjoin rounds of 101 to 418 inputs. The first is in block 974,087 at 05:55 UTC, the minute Elliptic gives. And the list names 23 outputs on the far side of three rounds, 22.44 bitcoin. In all three they are the biggest outputs in the round, and every output at those sizes. Elliptic’s posts on the mixing don’t say how it chose them.
The sums don’t close. In those three rounds, the listed coins going in total 12.68 bitcoin and the named outputs total 22.44. That is 9.76 more out than in. Either whoever is mixing put in coins the list doesn’t carry, or the list names someone else’s. One clue leans to the first: in one round, three unlisted coins the same size as the named outputs came from an earlier round that listed coins were in. The chain can’t settle it. All 23 went straight into another round, and past that second mix the list names nothing.
Those 15 rounds had 3,378 inputs, and 34 are on the list. The FBI’s October 31 request covers transactions “with or derived from” laundering addresses and doesn’t say where that leaves the others in a round. Elliptic separately warns compliance teams that a 25% exposure threshold may miss these funds. Listed coins were under 15% of the value in 12 of the 15 rounds. If Elliptic is right about the 23, a coinjoin hides you among people your own size, and at the top of these rounds nobody else was that size. At the time of this writing, bitcoin was $77,507.