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An independent record of the October 2026 Binance hack
This line is our short summary of the quote below. The quote is the evidence.
Crucially, the meme-coin trick doesn’t actually hide the money. Elliptic stressed the trail remains fully traceable onchain; the maneuver only slows investigators down, buying time in what is essentially a race to move funds before they get flagged.
From this source: Binance Hack Launderers Mint Elon Musk and Animal Meme Coins to Move Stolen Crypto, with all of its statements.
Each token cost about 25 Near tokens, roughly $90, to create. All six followed the same arc: launched, traded heavily within hours using stolen NEAR, then abandoned, with the leftover liquidity pulled on Nov. 8.
North Korea’s launderers are creating home-made meme coins and swapping stolen Binance funds through decentralized-exchange liquidity pools so no funds move directly between thief and recipient wallets, Elliptic found.