Binance Hackers Mint Meme Coins to Launder Stolen Crypto

mint meme coins — Hackers behind a major theft from Binance are creating worthless meme tokens themed around Elon Musk and cartoon animals to launder the stolen funds, according to blockchain analytics firm Elliptic.

The attackers are minting their own tokens on decentralized exchanges and using them to route illicit proceeds through liquidity pools. This method, known as a “pig butchering” scam in the laundering phase, is designed to obscure the trail of the stolen cryptocurrency by blending it with legitimate trading activity.

Elliptic’s report details how the launderers create tokens with fabricated logos and names to mimic popular meme coin trends, providing a facade of legitimacy. The process involves swapping the stolen assets for these newly minted, illiquid tokens and then trading them to break the on-chain link back to the original hack.

The firm warns that this technique allows criminals to cash out large sums while evading blockchain surveillance tools that typically track stolen funds. The activity highlights an evolving challenge for crypto security as exploiters adopt more sophisticated methods to offload illicit gains.