North Korean hackers are using meme coins featuring Elon Musk to launder billions

Hackers linked to North Korea are using meme coins featuring Elon Musk to launder cryptocurrency stolen during the massive $6.3 billion Binance hack.

The attackers are creating their own joke tokens and transferring the stolen funds through them, disguising the financial transactions as ordinary cryptocurrency trading. To conceal the origin of the money, they are also using thousands of crypto wallets and dozens of different services.

According to the FBI, the cryptocurrency theft in late October was carried out by TraderTraitor, a hacking group linked to North Korea. Now its members are trying to conceal the origin of the stolen assets.

How Hackers Launder Cryptocurrency Through Meme Coins

The attackers create tokens and use crypto wallets under their control to buy and sell them on decentralized exchanges. This way, the funds pass through several transactions that outwardly resemble ordinary trading.

Gizmodo reports this, citing research by the analytics firm Elliptic.

A record $2 billion for the nuclear program: North Korean hackers have broken all theft records.

North Korean hackers stole $3 billion in cryptocurrency for Pyongyang’s nuclear program, according to Microsoft.