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Stolen Binance Funds Moved Through Thinly Traded Solana Tokens

Attackers also moved about 117,000 NEAR, worth roughly $430,000, using newly created meme tokens.

By Simon Yoon
Published
Mentioned assets
Plain tokens sit beside intersecting channels on a terracotta surface / TokenPost.ai
Plain tokens sit beside intersecting channels on a terracotta surface / TokenPost.ai

Assets stolen in the $6.4 billion Binance hack moved through thinly traded Solana tokens before conversion to USDC.

The attackers swapped stolen Solana (SOL) into thinly traded tokens, then converted those tokens to USD Coin (USDC).

The attackers also used newly created meme tokens on NEAR. About 117,000 NEAR, worth roughly $430,000, passed through decentralized exchange liquidity pools in that route.

A liquidity pool allows one wallet to put in an asset while another takes value out through token swaps, without a direct transfer between the wallets. The trades remain visible on the blockchain, but the extra steps take more work to trace.

Simon Yoon

Reporter

Simon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.

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