Elliptic: Binance Hackers Use Self-Created Meme Coins to Move Stolen Funds

TechFlow reported on November 9 that, according to Elliptic, North Korea-linked Binance hackers used self-created tokens and decentralized exchange liquidity pools to move stolen funds. Approximately 117,000 NEAR were routed through six self-created Meme coins, worth about $430,000.

Elliptic said money launderers paired new tokens with assets such as NEAR to create liquidity pools, then used one group of wallets to buy tokens with illicit proceeds while another group sold the tokens back into the pools and withdrew assets, avoiding direct transfers between buying and receiving wallets.

The firm found this method on Tron and NEAR, and similar operations on Solana, although the latter used existing low-liquidity tokens. Elliptic said the related transactions can still be traced through on-chain records.

Source: TechFlow