According to Elliptic, North Korean hackers are creating meme tokens to move funds stolen in the Binance hack without making direct transfers. They launch worthless tokens, pair them with NEAR or a stablecoin in liquidity pools, and then have separate groups of wallets buy and sell the tokens to obscure the origin of the funds. Between November 5 and 7, the method moved approximately 117,000 NEAR, worth about $430,000, through six tokens at a total creation cost of less than $600. Elliptic estimates that around 11.8 million NEAR, worth approximately $43.7 million, remains unmoved. Investigators can still trace the transactions on the blockchain, but repeated swaps, thinly populated liquidity pools and wallets funded shortly before trading make the laundering activity harder to detect.
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