Elliptic: Binance hacker uses homemade Meme coin to transfer stolen funds

According to Elliptic, North Korea-linked Binance hackers used homemade tokens and decentralized exchange liquidity pools to transfer stolen funds, with approximately 117,000 NEAR circulating through six types of homemade meme coins, valued at around $430,000.

Elliptic stated that money launderers paired new tokens with assets like NEAR to establish liquidity pools, then a group of wallets purchased tokens with the illicit funds, while another group of wallets sold the tokens back to the pool and withdrew assets to avoid direct transfers between the buying and receiving wallets.

The agency discovered this method on Tron and NEAR, and found similar operations on Solana, but the latter used existing low liquidity tokens. Elliptic indicated that related transactions can still be traced through on-chain records.