North Korea Is Creating Fake Meme Coins to Launder Millions From the $6.4B Binance Hack

North Korean hackers are creating their own meme coins to move stolen stash from the Binance hack, according to blockchain analytics firm Elliptic. The attackers are using newly launched tokens and decentralized exchange liquidity pools to move funds between wallets without making direct transfers. Binance Laundering Tactic Elliptic flagged the activity on Tron and NEAR, along with a similar method on Solana. The process involves creating a token, pairing it with a legitimate crypto such as NEAR or a stablecoin, and adding it to a liquidity pool on a decentralized exchange. The attackers then use one set of wallets to buy the newly created token with stolen funds. A separate group of wallets sells those tokens back into the pool and receives the original crypto.

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