According to blockchain analytics firm Elliptic, North Korea-linked launderers moved approximately $430,000 in stolen Binance hack proceeds through six homemade memecoins on Nov. 9. The operators minted tokens named FUK, OLCCL, MEILI, MMLI, DABI and SINU between Nov. 5 and Nov. 7 on NEAR, routing roughly 117,000 stolen NEAR through liquidity pools on a decentralized exchange.

The scheme used paired token-NEAR pools to obscure fund transfers: one cluster of wallets purchased the tokens with stolen cryptocurrency, while a second cluster sold them back into the pool to collect real assets. With the pool sitting between the groups, no wallet transferred funds directly to another, allowing receiving accounts to appear as traders taking profits rather than hack recipients. Elliptic noted the technique delays investigators since the throwaway tokens are discarded after use, though the full transaction trail remains traceable on-chain.

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