Blockchain analytics firm Elliptic reported that hackers linked to North Korea utilized six meme tokens to launder approximately $430 000 in stolen NEAR assets. The tokens, identified as FUK, OLCCL, MEILI, MMLI, DABI, and SINU, were minted on the NEAR blockchain between November 5 and November 7.
The attackers moved roughly 117 000 NEAR through liquidity pools on decentralized exchanges to obscure the origin of the funds. These assets were part of the proceeds from the October 29 Binance hack, which resulted in total losses of $6,4 billion. Elliptic noted that this strategy aims to mask illicit transfers as routine trading activity.
This laundering method is not unprecedented, as a similar approach was observed during the 2025 Bybit hack involving $24 million. While the technique complicates on-chain tracking by adding extra steps, Elliptic successfully linked the tokens to the theft within days of their creation, demonstrating that such trails remain traceable.
The broader Binance incident has seen between $2,8 billion and $3 billion in stolen funds recovered or frozen. Elliptic advises exchanges to increase scrutiny on funds emerging from newly created token pools, as these assets may be connected to illicit activities and carry significant liquidity risks for unsuspecting investors.
