🎭 NORTH KOREAN HACKERS CREATE 6 MEMECOINS TO LAUNDER 117,000 STOLEN NEAR
🎭 A new laundering tactic following a $6.3 billion hack
Elliptic found that the North Korean hacker group behind the $6.3 billion Binance hack created 6 memecoins, paired each token with NEAR in its own pool on a decentralized exchange, then traded back and forth to turn stolen funds into trading profits.
💸 117,000 NEAR, worth around $430,000, was laundered through 6 tokens
The 6 memecoins were created between November 5 and 7. Nearly all the trades took place between wallets in the group, with outside buyers accounting for less than 1% of the volume. Trading in all 6 tokens stopped before November 8, and the group also converted some of the stolen assets into bitcoin, which cannot be frozen by an issuer.
🌤️ Elliptic says the new tactic makes stolen funds harder to trace, but traces remain, and a similar method was used after a major hack last year.
$NEAR
🎭 A new laundering tactic following a $6.3 billion hack
Elliptic found that the North Korean hacker group behind the $6.3 billion Binance hack created 6 memecoins, paired each token with NEAR in its own pool on a decentralized exchange, then traded back and forth to turn stolen funds into trading profits.
💸 117,000 NEAR, worth around $430,000, was laundered through 6 tokens
The 6 memecoins were created between November 5 and 7. Nearly all the trades took place between wallets in the group, with outside buyers accounting for less than 1% of the volume. Trading in all 6 tokens stopped before November 8, and the group also converted some of the stolen assets into bitcoin, which cannot be frozen by an issuer.
🌤️ Elliptic says the new tactic makes stolen funds harder to trace, but traces remain, and a similar method was used after a major hack last year.
$NEAR
