Binance Hackers Use Meme Coins to Launder Stolen Assets

Hackers linked to North Korea are using meme tokens to move part of the $6.4 billion stolen from Binance. The strategy involves creating assets with no real value that feature animal images or references to Elon Musk.

The process takes place on decentralized exchanges to break the direct link between the attackers' wallets and the final destination of the funds. The criminals inject stolen assets into liquidity pools to acquire these new tokens and then sell them through other wallets.

This technique was identified on the Tron, Near, and Solana networks. On the Near network alone, the attackers created six different tokens between November 5 and November 7, moving approximately $430,000 in digital assets.

Although the maneuver makes tracking more difficult, experts state that the path of the money remains visible on the blockchain. The main goal of the criminals is to buy time before authorities can freeze the funds in circulation.

Most of the stolen amount remains idle on the network. Those responsible for the scheme create a new wallet every 25 seconds to process transfers at high speed.