North Korean hackers used self-issued memecoins to launder Binance hack proceeds

North Korean hacking groups are using self-issued memecoins to launder cryptocurrency stolen in the Binance hack, according to a report released today by blockchain analytics firm Elliptic. Elliptic said the attackers issued newly created, worthless tokens on Tron (TRX) and Near after the theft, then moved the stolen funds into decentralized exchange liquidity pools and withdrew them to other wallets. On Near, around 117,000 NEAR, or about $430,000, moved through at least six memecoins, the report said. While the method does not completely block on-chain tracing, it can delay tracking efforts, Elliptic added, and the low cost of issuing tokens means it could also be used for larger-scale money laundering.