NK hackers join memecoin trenches, xStocks adds Hong Kong equities: Asia Express

North Korean hackers launch memecoins to launder funds stolen in the Binance hack, while xStocks plans to add hundreds of Hong Kong-listed equities in the coming weeks.

North Korean hackers created memecoins to launder cryptocurrency stolen in the $6.3 billion Binance hack, according to a report from blockchain analytics firm Elliptic.

Between Nov. 5 and 7, the hackers created at least six tokens on NEAR and used liquidity pools on decentralized exchanges to move $430,000 of stolen funds between wallets, Elliptic said. However, the tokens attracted almost no outside trading and were abandoned shortly after launch.

Elliptic said the same laundering technique was also used following the $1.5 billion Bybit hack in 2025, when North Korean-linked actors moved at least $24 million through a newly created token on the TRON blockchain.

Hong Kong’s wealthy investors are embracing crypto. (Chi Hung Wong)

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