North Korean Hackers Make Repeated Mistakes Laundering Funds Stolen From Binance
Summary
- North Korean hacking groups made multiple mistakes while laundering virtual assets (cryptocurrencies) stolen from Binance, leaving behind tracing clues.
- The hackers mishandled the funds by mistakenly sending tokens worth about $3.5 million to a NEWT contract address and receiving only $71 after selling about $5 million worth of PROM.
- Records showing the hackers used MetaMask and the centralized exchange Gate have been detected, leading to account freezes and cooperation with investigators, which could help trace the funds stolen from Binance.
Forecast Trend Report by Period
North Korean hacking groups are leaving clues that could help investigators trace cryptocurrency stolen from Binance after making repeated mistakes while laundering the funds, according to an on-chain analysis.
On November 2, on-chain analyst Ai wrote on X that the hackers made multiple errors as they split large amounts of stolen assets across several tokens.
Ai said the hackers mistakenly sent tokens worth about $3.5 million to a NEWT contract address. They also sold about $5 million worth of PROM without checking liquidity in the trading pool and received just $71.
The use of MetaMask to pay gas fees was also identified as a potential lead. Ai said the process may have left off-chain access records, including IP data.
Signs were also detected that the hackers deposited about $250,000 into centralized exchange Gate. Gate has frozen two related accounts and said it would cooperate with the follow-up investigation.
Ai said mistakes become more likely, and traceable clues can multiply, as the number of tokens being handled and the number of people involved increase. That, the analyst added, could help efforts to track funds stolen from Binance.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.