North Korean hackers use memecoins to launder stolen crypto as xStocks expands
North Korean-linked hackers used newly created memecoins to move cryptocurrency stolen in the $6.3 billion Binance hack, according to blockchain analytics firm Elliptic. Between Nov. 5 and 7, they launched at least six tokens on the NEAR blockchain and routed about $430,000 through decentralized-exchange liquidity pools and multiple wallets. The tokens attracted almost no independent trading and were abandoned soon afterward, suggesting they were created primarily to obscure the movement of stolen funds rather than build a genuine market. Elliptic said a similar method was used after the $1.5 billion Bybit hack in 2025, when North Korean-linked actors moved at least $24 million through a newly issued TRON token.
The article also highlights the rapid expansion of tokenized securities. Payward, the parent company of Kraken, said its xStocks platform had added more than 200 stocks listed in the United Kingdom and European Union, taking its total offering above 1,500 tokenized assets. The platform has recorded more than $45 billion in cumulative transaction volume and counts over 550,000 unique holders. Payward plans to add hundreds of Hong Kong-listed equities in the coming weeks, as the city prepares a licensing regime covering virtual-asset trading, custody, advisory and management services.
The broader regional response is tightening. South Korea’s Financial Services Commission plans to let exchanges suspend deposits and withdrawals when a hack is suspected, while Thailand has proposed separate daily stablecoin deposit and withdrawal limits of 5 million baht ($148,000) per customer at regulated operators. The Thai draft would also prohibit transfers involving third-party wallets.
Continue in the app — vote & join in ➔