According to Elliptic, North Korean hackers are using worthless memecoins to obscure the movement of cryptocurrencies stolen in the Binance hack, estimated at $6.34 billion. Their method relies on liquidity pools on NEAR, Tron and Solana, allowing funds to enter and exit pools without a direct transfer between wallets. On NEAR, approximately 117,000 NEAR worth nearly $430,000 have reportedly moved through this system, created with six new tokens launched between November 5 and 7. Each launch cost around 25 NEAR, or $90, while the hackers still hold 11.8 million NEAR valued at $43.7 million. This low-cost technique was previously used to launder funds stolen from Bybit in 2025 and could be deployed on a larger scale.
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