North Korea-linked hackers begin laundering billions stolen from Binance
Hackers connected to North Korea have started laundering cryptocurrency taken in the multibillion-dollar Binance breach, converting assets into bitcoin while analysts warn the full laundering process could take months.
North Korea-linked hackers have begun laundering cryptocurrency stolen in the recent heist against exchange Binance, according to reports by The Korea JoongAng Daily and the Financial Times. The attackers have started transferring funds across multiple blockchain networks and converting them into bitcoin as part of their efforts to obscure the proceeds.[3][6]
The Financial Times reported that the hackers stole 6.3 billion dollars in tokens from Binance, with roughly 3.3 billion dollars still believed to be under their control after billions in other assets were frozen. Blockchain analytics firms Chainalysis and Elliptic expect the complete laundering operation to take months, projecting that the perpetrators will rely on scripted automation, crypto swapping services, decentralized exchanges, cross-chain bridges, mixers, and decentralized finance lending protocols.[2][3][5][8][9]
Meanwhile, on-chain activity has shown unusual public engagement with the hacker addresses. CoinDesk reported that 19 wallets holding 18,270 stolen bitcoin have received only sub-dollar transactions, each carrying attached on-chain messages. The incoming notes range from pleas for financial help to unsolicited money-laundering pitches and token promotions.[1][4][7]
Key facts
- Hackers linked to North Korea have begun transferring stolen Binance funds to other blockchains and converting them into bitcoin.
- About 3.3 billion dollars of the 6.3 billion dollars stolen from Binance is still believed to be under the attackers' control after billions were frozen.
- Blockchain analytics firms Chainalysis and Elliptic expect the laundering process to take months using DeFi lending protocols, swapping services, bridges, and automated scripts.
- Nineteen wallets tied to the Binance hacker holding 18,270 stolen bitcoin received only sub-dollar transactions carrying messages that include pleas for money, laundering offers, and token promotions.
Sources · 9 sources
- CO
CoindeskArticle ·
Strangers are begging the Binance hacker for bitcoin, one ‘help me bro’ at a time The 19 wallets holding 18,270 stolen BTC have taken in nothing since Thursday except payments worth under a dollar, each carrying a message, from pleas to laundering pitches to a token shill.
Open source - TE
Techmeme@TechmemePost on X ·
Chainalysis and Elliptic expect North Korean hackers to take months to launder the Binance proceeds, utilizing scripted automation and DeFi lending protocols (Financial Times) (Visit Techmeme dot com for the link and full context!)
Open source - FT
Financial Times@FTPost on X ·
North Korean hackers expected to take months to launder stolen Binance billions https://t.co/0K8RNpaygB
Open source - CB
Crypto BriefingArticle ·
Binance hacker’s frozen-in-place Bitcoin stash is drawing begging notes and token shills The incident highlights the immutable transparency of blockchain, where stolen assets remain visible yet untouchable, affecting user trust. The post Binance hacker’s frozen-in-place Bitcoin stash is drawing begging notes and token shills appeared first on Crypto Briefing .
Open source - TE
TechmemeArticle ·
Chainalysis and Elliptic expect North Korean hackers to take months to launder the stolen Binance funds, using crypto swapping services and DeFi lending markets (Financial Times) Financial Times : Chainalysis and Elliptic expect North Korean hackers to take months to launder the stolen Binance funds, using crypto swapping services and DeFi lending markets — North Korean hackers are expected to take months to launder the billions of dollars of tokens they stole last week from crypto exchange Binance …
Open source - TK
The Korea JoongAng Daily@JoongAngDailyPost on X ·
North Korea-linked hackers have reportedly begun laundering cryptocurrency stolen from Binance, transferring the funds to other blockchain networks and converting them into Bitcoin. https://t.co/OycTp0qK3j
Open source - C®
CryptoSavingExpert ®@CryptoSavingExpPost on X ·
The Binance hacker's wallets are receiving some rather unusual transactions. The 19 wallets reportedly holding 18,270 stolen BTC have received nothing but tiny payments worth less than $1 since Thursday, each carrying a message. People are sending pleas for Bitcoin, offering laundering services and even shilling tokens directly to the attacker. An extraordinary reminder that even a major crypto hack doesn't stop people from trying their luck on-chain.
Open source - TM
That Martini Guy ₿@MartiniGuyYTPost on X ·
The $6.3B Binance hack could take months to fully launder. Around $3.3B is still believed to be under the attackers' control, despite billions in assets already being frozen. According to the Financial Times, analysts expect the laundering operation to continue for months, with funds being moved through decentralised exchanges, lending protocols, cross-chain bridges and mixers. But stealing billions and actually turning those funds into usable money are two very different things. Every transaction creates another opportunity for investigators to trace the funds, while exchanges and stablecoin issuers can potentially freeze assets along the way. This could become a lengthy cat-and-mouse battle between the attackers and the teams trying to stop them.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 NEW: North Korean hackers behind last week’s $6.3B Binance heist could need months to launder the stolen crypto, with about $3.3B still under their control, per FT. https://t.co/ymMpQkChT8
Open source