Blockchain analytics firm Elliptic revealed that North Korean hackers used a self-made Meme coin as a conduit to launder stolen funds from Binance through fraudulent transactions. The hackers created worthless tokens with no trading activity and established liquidity pools, then used different wallets to buy and sell them, disguising the stolen funds as legitimate transaction proceeds.
This technique has been used on the Tron, Solana, and NEAR networks. The hackers created at least six Meme tokens on the NEAR network: FUK, OLCCL, MEILI, MMLI, DABI, and SINU, and set up separate NEAR liquidity pools for each token.
