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Binance hackers launder stolen funds through Elon Musk-themed memecoins
North Korean hacking group TraderTraitor has begun creating its own memecoins to launder cryptocurrency stolen in the $6.3 billion Binance hack. According to Elliptic analysts, the attackers have already moved approximately $430,000 through these tokens.
Following the October 29 attack on the cryptocurrency exchange, the hackers began moving stolen assets across various blockchains and exchange services. Researchers have now identified another method of obscuring transactions: issuing obscure cryptocurrencies.
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The identified tokens include memecoins featuring images of a monkey with a pink bow, a duck against an American flag, and Elon Musk with the inscription "Elon 2028 President."
How hackers use memecoins to launder cryptocurrency
According to Elliptic's report, the attackers create their own tokens and move stolen funds through them, making it more difficult to trace their origins.
Tom Robinson, chief scientist and co-founder of Elliptic, noted that relatively little money has passed through the scheme so far. However, the low cost of creating memecoins makes it possible to use the method for significantly larger transactions.
"The trail can still be traced. This method slows down investigations rather than concealing the funds," the expert explained.
According to Robinson, each token is so inexpensive to create that criminals can abandon it after use and issue a new one.
The U.S. Federal Bureau of Investigation (FBI) also reported that TraderTraitor members are converting stolen assets into Ethereum in an attempt to conceal their origins.
The agency expects the funds to subsequently move through decentralized finance (DeFi) protocols and instant cryptocurrency exchange services.
Billions of dollars remain under hackers' control
Blockchain analytics specialists warn that tracking transactions alone does not guarantee the recovery of stolen funds. Freezing the assets requires swift cooperation between cryptocurrency companies and coordination with law enforcement agencies.
Jonathan Benton, CEO of iSanctuary, described the Binance attack as a warning to the entire industry. According to him, existing technology makes it possible to trace asset movements, but the main challenge is the speed of response.
According to Elliptic, approximately $3.11 billion of the $6.43 billion stolen in the Binance hack remains in addresses linked to the attack. Despite laundering attempts, the hackers have yet to move a significant portion of the stolen cryptocurrency.
Meanwhile, analysts have identified numerous transfers between wallets and blockchains. The scale of these operations demonstrates how difficult it becomes to track funds after major attacks on cryptocurrency platforms.
Earlier, we reported that Binance appointed a new chief financial officer following the departure of his predecessor.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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