North Korean Hackers Use Fake Memecoins to Launder Stolen Binance Funds
Blockchain analytics firm Elliptic has revealed that hackers linked to North Korea are using a sophisticated laundering technique involving worthless memecoins to disguise the theft of billions from Binance. By minting celebrity-themed tokens on networks like NEAR, Tron, and Solana, the attackers route stolen assets through decentralized exchange liquidity pools. This method makes illicit transfers appear as routine speculative trading, making it harder for investigators to distinguish between criminal activity and normal market volatility. The scale of the theft is unprecedented, with Binance and Elliptic estimating losses between $6.34 billion and $6.43 billion. While approximately $2.85 billion has been frozen, roughly $3.0 billion remains in addresses believed to be controlled by North Korean actors. Although the memecoin tactic slows down investigators, blockchain analysts note that the trail can still be tracked on-chain. Binance has covered the full loss from its own funds to protect users.
Topics: blockchain analytics cryptocurrency theft memecoins money laundering North Korea