North Korea Creates Fake Water Coins To Launder Millions From $6.4B Binance Hack.
North Korean hackers are using the new meme coins and decentralized exchange liquidity pools to launder funds stolen from the Binance hack, as detected by blockchain analytics firm Elliptical.
The laundering method involves creating tokens in combination with legitimate cryptocurrencies, which allow attackers to obscure the flow of stolen funds through liquidity pools.
Ellipti warns that the low cost of creating these tokens and the complex transaction patterns make it challenging for investigators to trace the funds, with about $43.7 million still unaccounted for.