North Korea Turns DIY Meme Coins Into a Laundering Pipe for Stolen Binance Crypto, Elliptic Says
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Crypto launderers working for North Korea are spinning up disposable meme coins of their own to shuttle funds taken from Binance, blockchain analytics firm Elliptic said in a report published Monday. Over three days, Nov. 5 to Nov. 7, roughly 117,000 NEAR, about $430,000, was routed through six of the tokens. The launderers paired each token with NEAR, the native coin of the NEAR Protocol blockchain, in its own liquidity pool, a pot of two assets on a decentralized exchange that anyone can swap against. One group of wallets paid stolen NEAR into the pool for the new token, and a second group sold the token back and pulled NEAR out. Because the pool sits in the middle, no transfer connects the two groups directly.
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