Reporting · markets
North Korean hackers reportedly launder Binance heist funds through NEAR memecoins
Elliptic analysis flags six newly minted NEAR memecoins as a channel for laundering funds from the Binance heist, linked to North Korean hackers.
Quick take
- Elliptic flagged six newly created NEAR memecoins that appear to be laundering Binance heist proceeds.
- Stolen NEAR was pooled with the memecoins and then withdrawn as real assets through separate wallets.
- Elliptic's Tom Robinson said the funds remain trackable on the blockchains involved.
DailyHodl reported that Elliptic's analysis flags six newly minted memecoins on the NEAR blockchain as part of a scheme by North Korean hackers to launder funds from the Binance heist. The tokens carry names such as FUK and SINU, and their logos feature Musk-themed imagery. Stolen NEAR was moved into wallets first, then pooled with the memecoins.
According to the analysis, the memecoins were paired with NEAR tokens in liquidity pools. Separate wallets later sold the memecoins back and withdrew real assets. Tom Robinson of Elliptic said the funds remain trackable on blockchains.
The same technique has also been used on the Tron blockchain, where the token is TRX. A similar approach has been seen on Solana, whose token is SOL, involving thinly traded tokens. The memecoins were priced at about $90 each on NEAR.
Chainalysis attributes a $6.4 billion hack to TraderTraitor, which is believed to be linked to the Lazarus Group. Taken together, the findings show the laundering method is not limited to one blockchain.
Sources
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