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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
11/10/2026

Elliptic Traces $430K Through Six Attacker-Created Memecoins

What happened: Elliptic reported on November 9 that attackers linked to the October 29 Binance theft created six memecoins on NEAR between November 5 and 7, using them to launder approximately 117,000

Elliptic Traces $430K Through Six Attacker-Created Memecoins

What happened: Elliptic reported on November 9 that attackers linked to the October 29 Binance theft created six memecoins on NEAR between November 5 and 7, using them to launder approximately 117,000 NEAR, worth about $430,000. The scheme paired the tokens with NEAR in liquidity pools, bought tokens using stolen funds from one wallet group, and sold tokens from another group to create the appearance of trading proceeds. The supplied research identifies the attackers as North Korea's TraderTraitor group, citing FBI attribution, and reports that less than 1% of one token's volume came from genuine outside buyers.

Why it matters: The mechanism illustrates how a trading record can be manufactured without erasing the underlying transaction trail: apparent market activity is not sufficient evidence of legitimate economic demand. The approximately $430,000 involved should also be kept in proportion to the reported $6.3 billion theft, rather than presented as the dominant laundering route. Elliptic's findings suggest that investigators and compliance teams need to examine relationships between liquidity providers, buyers and sellers, because transaction volume alone can give a misleading impression of independent participation.

Source: Elliptic; Cointelegraph