North Korea Reportedly Laundering Binance Hack Funds Through Rapid Wallet Creation
(1 day ago) · 1 source · Summarized by CryptoBipto
Reports indicate that North Korean-linked hackers are laundering stolen funds from a Binance hack by creating new cryptocurrency wallets at an extremely rapid pace, reportedly one every 25 seconds. The technique appears designed to make tracing and recovering the stolen assets more difficult for investigators and blockchain analysts.
WHY IT MATTERS
When cryptocurrency is stolen in a hack, the thieves need to "launder" it — meaning they try to move it around in ways that hide where it came from, similar to how a criminal might pass stolen cash through multiple bank accounts to cover their tracks.
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SOURCES
- decrypt.co
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