North Korean Hackers Use Six NEAR Memecoins to Launder $430K From Binance Theft
North Korea-linked hackers have reportedly moved approximately $430,000 in stolen cryptocurrency through six newly created NEAR memecoins. Meanwhile, Thailand has proposed a daily stablecoin transfer limit of 5 million baht, approximately $148,000. Both developments highlight growing concerns about cryptocurrency-related financial crime and the challenges regulators face in monitoring digital asset transactions.
North Korean Hackers Exploit NEAR Memecoins
Blockchain analytics firm Elliptic identified an unusual laundering operation connected to the $6.3 billion Binance hack. According to CoinDesk, attackers created six memecoins on the NEAR blockchain between November 5 and November 7.
The hackers reportedly transferred approximately 117,000 NEAR tokens through these newly issued assets. Rather than relying on conventional cryptocurrency transfers, they used coordinated trading activity to disguise the movement of stolen funds.
The operation involved creating liquidity pools and trading tokens between wallets controlled by the same network. Consequently, transactions appeared to generate legitimate trading profits instead of transferring stolen cryptocurrency between connected addresses.
Elliptic found that almost all trading activity originated from wallets associated with the operation. However, blockchain records still preserve transaction histories, allowing investigators to follow the funds despite the additional complexity.
Thailand Proposes New Stablecoin Restrictions
Separately, Thailand’s Securities and Exchange Commission has proposed stricter oversight of stablecoin transactions conducted through regulated cryptocurrency businesses.
Under the proposed framework, customers would face separate daily deposit and withdrawal limits of 5 million baht per operator. The restrictions would also prohibit transfers involving wallets owned by unrelated third parties.
Furthermore, cryptocurrency operators would need to verify wallet ownership and strengthen transaction monitoring. Certain regulated businesses, approved market makers, and qualifying transactions would receive exemptions.
The proposal builds on regulatory principles introduced in September 2026. Thailand aims to reduce money laundering, financial fraud, and attempts to bypass international money transfer requirements.
Crypto Security and Regulatory Pressure Intensify
The developments illustrate two different challenges facing the cryptocurrency industry. Criminal networks continue experimenting with decentralized tokens, while regulators increasingly focus on stablecoin transfers and wallet verification.
For exchanges and blockchain businesses, stronger transaction monitoring could become increasingly important. However, compliance measures must also balance financial security with legitimate customer activity.
As investigations into the Binance theft continue, the NEAR memecoin transactions demonstrate how inexpensive token creation can complicate financial investigations. Thailand’s proposed restrictions also signal continued regulatory attention toward stablecoins and cryptocurrency-related financial crime.
