Reading this report, the key point isn’t the $6.4 billion figure in the headline, but the scale that has actually been traced. Elliptic’s on-chain tracking, published on November 9, recorded at least six newly minted NEAR meme coins between November 5 and 7. Around 117,000 NEAR, equivalent to $430,000 in stolen funds, passed through these pools; creating each token cost about 25 NEAR (around $90). Compared with the roughly $6.4 billion theft, this NEAR route currently accounts for about 0.007%. That should not be interpreted as meaning the entire amount was laundered through meme coins.
I see this as a low-cost layering tactic, not successful anonymization. Elliptic says every step remains traceable on-chain. This approach is intended to slow investigators down and make it take longer to link wallets. The six NEAR tokens have not traded since November 8, and some of the remaining liquidity in the pools has also been withdrawn. This shows that the route was tracked, but the fact that trading has stopped alone does not prove that all the assets have been recovered or frozen. In the market snapshot, BTC was down 1.57% over 24 hours and ETH was down 5.04%. I would not attribute the price weakness to this on-chain report; for now, it looks more like a signal of compliance and tracing costs than a confirmed systemic market shock.
Next, I’ll watch to see whether these pools become active again, whether the funds move into stablecoins or cross-chain bridges, and whether law enforcement or trading platforms confirm any frozen amounts. If Elliptic revises its attribution of the addresses, or the link between the token pools and the stolen funds is disproven, I’ll retract my assessment that “tracing costs have increased.” If there are only on-chain transfers back and forth, with no verifiable cash-out, the main increase is more likely to be in investigative hours—not proof that laundering succeeded. I’ll keep an eye on the liquidity in pool $NEAR and similar routes on $TRX .#市場熱點 Do you think a launchpad like this, deployable for around $90, will materially delay recovery, or just add investigative hours?
I see this as a low-cost layering tactic, not successful anonymization. Elliptic says every step remains traceable on-chain. This approach is intended to slow investigators down and make it take longer to link wallets. The six NEAR tokens have not traded since November 8, and some of the remaining liquidity in the pools has also been withdrawn. This shows that the route was tracked, but the fact that trading has stopped alone does not prove that all the assets have been recovered or frozen. In the market snapshot, BTC was down 1.57% over 24 hours and ETH was down 5.04%. I would not attribute the price weakness to this on-chain report; for now, it looks more like a signal of compliance and tracing costs than a confirmed systemic market shock.
Next, I’ll watch to see whether these pools become active again, whether the funds move into stablecoins or cross-chain bridges, and whether law enforcement or trading platforms confirm any frozen amounts. If Elliptic revises its attribution of the addresses, or the link between the token pools and the stolen funds is disproven, I’ll retract my assessment that “tracing costs have increased.” If there are only on-chain transfers back and forth, with no verifiable cash-out, the main increase is more likely to be in investigative hours—not proof that laundering succeeded. I’ll keep an eye on the liquidity in pool $NEAR and similar routes on $TRX .#市場熱點 Do you think a launchpad like this, deployable for around $90, will materially delay recovery, or just add investigative hours?
