Traders on X are calling this the plot twist nobody wanted 👀
Elliptic reports North Korean hackers are creating meme tokens on $NEAR and using DEX liquidity pools to launder funds stolen in the $6.4B Binance hack. WatcherGuru's post on it pulled 3,337 likes in hours.
📊 Why it matters: freezing funds is not the same as recovering them. Binance's Nov 3 findings put total impact at about $6.34B, with about $2.85B frozen or intercepted and backfill at 98%. But frozen is a snapshot, not a finish line. Meme tokens and DEX pools are the hardest trail to freeze, because anyone can mint a token and wash funds through its pool.
The chain looks like this: stolen funds → fresh meme token → DEX pool → wash trades → exits that look like ordinary trading.
⚠️ BUT one laundering route does not mean the whole $2.85B is moving. Elliptic's finding is an attribution of method, not a confirmed amount laundered, and DEX pools can still be flagged once identified.
🔍 What we still don't know: how much has actually moved through these pools, which tokens are involved, and whether any have been frozen yet.
Meanwhile $BTC sits at $74,940, down 1.25% in 24h, with Fear & Greed still at 29. The market is watching tonight's CPI (8:30 AM ET) far more than the hack trail.
Bottom line: the recovery is a race between tracers and launderers, and this week the launderers found a new lane. Is the memecoin route a real threat to the recovery, or will onchain tracing shut it down fast? 👇
Not financial advice. DYOR.
#Binance #crypto
Elliptic reports North Korean hackers are creating meme tokens on $NEAR and using DEX liquidity pools to launder funds stolen in the $6.4B Binance hack. WatcherGuru's post on it pulled 3,337 likes in hours.
📊 Why it matters: freezing funds is not the same as recovering them. Binance's Nov 3 findings put total impact at about $6.34B, with about $2.85B frozen or intercepted and backfill at 98%. But frozen is a snapshot, not a finish line. Meme tokens and DEX pools are the hardest trail to freeze, because anyone can mint a token and wash funds through its pool.
The chain looks like this: stolen funds → fresh meme token → DEX pool → wash trades → exits that look like ordinary trading.
⚠️ BUT one laundering route does not mean the whole $2.85B is moving. Elliptic's finding is an attribution of method, not a confirmed amount laundered, and DEX pools can still be flagged once identified.
🔍 What we still don't know: how much has actually moved through these pools, which tokens are involved, and whether any have been frozen yet.
Meanwhile $BTC sits at $74,940, down 1.25% in 24h, with Fear & Greed still at 29. The market is watching tonight's CPI (8:30 AM ET) far more than the hack trail.
Bottom line: the recovery is a race between tracers and launderers, and this week the launderers found a new lane. Is the memecoin route a real threat to the recovery, or will onchain tracing shut it down fast? 👇
Not financial advice. DYOR.
#Binance #crypto
