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Crypto·1 min read

North Korean Hackers Use Memecoins to Launder Binance Hack Loot

Elliptic says North Korean hackers created six memecoins to launder 117,000 NEAR, about $430,000, stolen in the $6.3 billion Binance hack.

Illustration of memecoin tokens flowing through a digital network, representing crypto laundering by North Korean hackers.
Image: CoinDesk
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North Korean hackers have created six homemade memecoins to launder part of the proceeds from the $6.3 billion Binance hack, according to blockchain analytics firm Elliptic.

The tokens were used to move and obscure 117,000 NEAR, worth about $430,000. Elliptic's findings point to a laundering method in which the attackers issue their own low-profile tokens rather than relying only on established mixing routes.

Why it matters

The amount traced so far is small next to the total size of the hack, but it shows how the attackers are experimenting with new ways to turn stolen crypto into usable funds. Memecoins are cheap to create and can be traded on open markets, which gives launderers a way to blend illicit transfers into ordinary-looking activity.

For exchanges, compliance teams and investigators, the case is another reminder that tracking stolen assets means watching newly launched tokens as well as known wallets and services.

Elliptic's analysis covers only the NEAR portion described above, and the wider flow of funds from the incident has not been detailed in the available information.

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Tags:north koreabinancememecoinsellipticnearmoney laundering

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