Elliptic has uncovered a new laundering technique linked to the $6.43 billion Binance hack.
According to its investigation, North Korean hackers created six memecoins on NEAR, including one featuring Elon Musk's image, to disguise movements of stolen funds.
đ° $430,000 routed through the tokens
đȘ 6 memecoins created
đ Over 20,000 wallets linked to the broader laundering operation
đ Activity spanning 16 blockchains
The attackers allegedly used coordinated token trades to make stolen funds appear to originate from legitimate market activity.
Elliptic says the transactions remain traceable onchain.
A new example of how even low-value memecoins can be exploited in sophisticated money-laundering schemes. $BNB
According to its investigation, North Korean hackers created six memecoins on NEAR, including one featuring Elon Musk's image, to disguise movements of stolen funds.
đ° $430,000 routed through the tokens
đȘ 6 memecoins created
đ Over 20,000 wallets linked to the broader laundering operation
đ Activity spanning 16 blockchains
The attackers allegedly used coordinated token trades to make stolen funds appear to originate from legitimate market activity.
Elliptic says the transactions remain traceable onchain.
A new example of how even low-value memecoins can be exploited in sophisticated money-laundering schemes. $BNB
