DECRYPT · 2026-11-09 19:36 UTC

Binance Hack Launderers Mint Elon Musk and Animal Meme Coins to Move Stolen Crypto

North Korean hackers are reportedly using newly minted, worthless meme coins paired with real assets like Near or stablecoins in liquidity pools to break the direct onchain link between stolen funds and the wallets collecting them. Elliptic found at least six such tokens on Near between Nov. 5 and 7, with about 117,000 Near (roughly $430,000) passing through them before much flowed into stablecoins or a cross-chain bridge. Elliptic says the trail remains traceable onchain and the tactic mainly slows investigators, while more than $3 billion of the stolen crypto has yet to be laundered.

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