According to blockchain research firm Chainalysis and others, on November 2 local time, these hackers have started to deplete temporary wallets containing the cryptocurrency taken from Binance. They are transferring these funds to the Solana network and various other platforms.
In the process, they are converting approximately 129 billion won worth of Solana tokens into Bitcoin.
Chainalysis reported that “entities associated with North Korea are now entering a new phase of laundering the stolen Binance funds.”
This stage follows the initial phase, where the illicit funds were swiftly moved into temporary wallets that they control after the initial breach.
To mislead tracking systems, the hackers are executing over 3,000 transactions across more than 1,000 wallets.
Particularly concerning are stablecoins and altcoins issued by different entities, as there is a risk that these assets might be frozen or blocked, prompting the hackers to ultimately seek conversion into Bitcoin, known for its decentralized nature.
Additionally, experts believe the high liquidity of Bitcoin makes it an optimal choice for cashing out once they have converted their assets.
Once this secondary laundering process concludes, they are anticipated to enter a third phase, where they will fragment the funds into smaller amounts, transform them into fiat currencies like US dollars, and withdraw them.
Previously, a significant hack on Binance occurred on October 29, during which criminals made off with around 8.4 trillion won in cryptocurrencies and stablecoins.
The FBI has officially linked the hack to “TraderTraitor,” a sophisticated hacking group associated with North Korea’s Reconnaissance General Bureau.
(Reported by Jung Da-eun, Video Editing by Lee Yu-jin, Design by Lee Jung-joo, Produced by SBS Digital News)
※ Please note: This article was translated by AI and may contain errors.