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Elliptic says Binance hackers minted NEAR memecoins to move $430,000

Elliptic said operators it links to the October Binance theft created at least six NEAR memecoins and routed about $430,000 of stolen funds through them.

By AI reporterRuth Calloway · WhatsNewPaper Desk

Blockchain analytics firm Elliptic said Monday that operators it links to the October theft from Binance created at least six memecoins on the NEAR network and routed about 117,000 stolen NEAR, worth roughly $430,000, through them2,4.

Elliptic's Tom Robinson wrote that each token was paired with NEAR in its own decentralized-exchange liquidity pool so one set of wallets could buy the token with stolen NEAR while another sold it back and withdrew NEAR, with the pool sitting between them2.

The firm named the tokens FUK, OLCCL, MEILI, MMLI, DABI and SINU, created between Nov. 5 and Nov. 7 UTC, and said each cost about 25 NEAR, or around $90, to launch2.

Bloomberg, in a story Techmeme highlighted, described the same Elliptic finding against a $6.3 billion Binance loss figure; Elliptic's own posts on the theft use about $6.4 billion1,4,2.

The Block reported that the tokens used cartoon animal logos and that one showed Elon Musk under an "Elon 2028 President" banner, and that Elliptic said it had no suggestion Musk was connected3,2.

Elliptic said almost no one outside the laundering cluster traded the six tokens, that five of the six creators were funded minutes earlier from proceeds of a prior token, and that much of the NEAR leaving collect wallets went into stablecoins or a cross-chain bridge2.

The same report said the tactic appeared on Tron after the theft and that a related hop on Solana used existing thinly traded tokens rather than newly minted ones, echoing a 2025 Bybit-laundering method Elliptic previously described2,3.

About 11.8 million NEAR from the theft, about $43.7 million at Elliptic's prices, had not yet moved, the firm said, adding that the method is cheap and could carry larger sums while remaining visible on-chain2.

The Block said Binance's incident report stated the FBI linked the October attack to North Korea3.

What remains unverified independently of Elliptic is the wallet clustering, the dollar conversion of the NEAR hops, and whether exchanges that received pool-exit funds treated them as clean2.

Sources

  1. TechmemeElliptic: 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)
  2. EllipticNorth Korea is minting meme coins to launder the Binance hack
  3. The BlockBinance hack launderers mint homemade Elon Musk, animal memecoins to move stolen funds: Elliptic
  4. BloombergBinance Hackers Made Memecoins to Launder Stolen Crypto

Read the original at Techmeme ↗

How it’s being reported

4 sources

First reported by EllipticElliptic

TechmemeTechmeme

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)

The $6.3 billion Binance figure and Elliptic's $430,000 memecoin laundering claim via Bloomberg.

Aggregator item pointing to Emily Nicolle's Bloomberg account of Elliptic's finding that six NEAR memecoins were used to move about $430,000 from the Binance theft.

Leaves out Token names, dates, Tron/Solana variants and Elliptic's methodology.

Read the original

Where they agree

  • Elliptic is the source of the six-token, ~$430,000 NEAR claim.
  • The tokens were created on NEAR within days of the Binance theft.
  • The method uses liquidity pools so stolen funds do not move wallet-to-wallet in a single hop.

Where they differ

Size of the original Binance theft

Side by side

Each outlet's article broken down by our newsroom, in our own words. To read what they wrote, use the button under each one.

TechmemeTechmeme

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)

The $6.3 billion Binance figure and Elliptic's $430,000 memecoin laundering claim via Bloomberg.

Aggregator item pointing to Emily Nicolle's Bloomberg account of Elliptic's finding that six NEAR memecoins were used to move about $430,000 from the Binance theft.

Leaves out Token names, dates, Tron/Solana variants and Elliptic's methodology.

The $6.3 billion Binance figure and Elliptic's $430,000 memecoin laundering claim via Bloomberg.

What it reports

  • Credits Elliptic via Bloomberg with the six-token, $430,000 NEAR claim.
  • Frames the October theft as a $6.3 billion Binance heist.

Leaves out Token names, dates, Tron/Solana variants and Elliptic's methodology.

Read the original at Techmeme Read the full article at Techmeme
EllipticElliptic

North Korea is minting meme coins to launder the Binance hack

On-chain mechanics, six named tokens, dollar amounts and a prior Bybit precedent.

Primary report by Tom Robinson describing homemade NEAR meme tokens used as liquidity-pool hops for stolen Binance proceeds.

On-chain mechanics, six named tokens, dollar amounts and a prior Bybit precedent.

What it reports

  • About 117,000 stolen NEAR, roughly $430,000, passed through at least six homemade tokens between Nov. 5 and Nov. 7.
  • Tokens FUK, OLCCL, MEILI, MMLI, DABI and SINU were each paired with NEAR in their own DEX pools.
  • Buy wallets were funded from stolen NEAR; collect wallets sold tokens back so no direct transfer linked the two sets.
  • Similar hops appeared on Tron; a related method used existing thin tokens on Solana.
  • Elliptic said about 11.8 million NEAR, or $43.7 million, from the theft had not yet moved.
Read the original at Elliptic Read the full article at Elliptic
The BlockThe Block

Binance hack launderers mint homemade Elon Musk, animal memecoins to move stolen funds: Elliptic

Animal logos, an Elon Musk banner token and that Musk is not alleged to be involved.

Trade-press writeup of Elliptic's Monday report, stressing meme artwork and the Bybit parallel.

Leaves out Full token-by-token timestamps Elliptic published.

Animal logos, an Elon Musk banner token and that Musk is not alleged to be involved.

What it reports

  • Says Elliptic's Monday report put about 117,000 NEAR through six tokens created Nov. 5-7.
  • Notes one token used an "Elon 2028 President" image and that Elliptic did not link Musk to it.
  • Recalls Binance and the FBI tying the October attack to North Korea.

Leaves out Full token-by-token timestamps Elliptic published.

Read the original at The Block Read the full article at The Block
BloombergBloomberg

Binance Hackers Made Memecoins to Launder Stolen Crypto

The heist as crypto's largest and memecoins as a gimmicky laundering tool.

Paywalled Emily Nicolle story; freely readable portion says attackers in the $6.3 billion Binance theft used at least six new NEAR tokens to pass about $430,000, citing Elliptic.

Leaves out Full token list and Tron/Solana detail behind the paywall.

The heist as crypto's largest and memecoins as a gimmicky laundering tool.

What it reports

  • Puts the amount moved through those tokens at about $430,000 and the Binance loss at $6.3 billion.

Leaves out Full token list and Tron/Solana detail behind the paywall.

Read the original at Bloomberg Read the full article at Bloomberg