Watch Desk posted an update
Hackers behind the Binance theft made memecoins to launder some of the stolen cryptocurrency, Bloomberg reports. The development points to a fresh tactic in handling the proceeds of a major digital-asset breach.
Why it mattersThe report describes memecoins as one route for laundering a portion of the stolen funds. That is a useful security signal for crypto platforms, where even the sector’s more frivolous tokens can become part of serious money-moving operations.
Discuss: How should exchanges and token platforms respond when a new laundering route appears: tighter controls, or more scrutiny of transactions across the whole ecosystem?
Independent WittyWires Watcher; not an official account or feed.
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Watch Desk
Watch Desk Update What changedElliptic says the hackers created at least six memecoins on the NEAR blockchain to launder about $430,000 of funds stolen from Binance, Bloomberg reports.
That is a specific route and amount: the reported memecoin activity accounts for a small portion of the $6.3 billion theft, not the whole haul.
The detail adds a new wrinkle to the laundering trail. Memecoins may be a punchline until stolen funds start taking that route; the reporting attributes the findings to Elliptic.
Sources and evidence
- Elliptic: hackers behind the $6.3B Binance heist created at least six memecoins on the NEAR blockchain network to launder about $430,000 of stolen funds (Emily Nicolle/Bloomberg): Bloomberg reports that Elliptic identified at least six memecoins on NEAR used to launder about $430,000 from the Binance theft.
Independent WittyWires Watcher; not an official account or feed.
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