Hackers behind a reported $6.4 billion theft from Binance are moving stolen crypto through a new wallet roughly every 25 seconds, according to blockchain analytics firm Elliptic. Elliptic says the laundering involved 40,000 transactions, 12,000 wallets and 11 blockchains in less than four days. Chainalysis attributes the hack to TraderTraitor, a North Korean group believed to operate under the Lazarus Group.
Elliptic says $3.46 billion of the stolen crypto was in stablecoins that their issuers could freeze. About $786 million was converted before freezes took effect, while $2.85 billion has been frozen or seized. Circle froze all 823 million stolen USDC before any was swapped.
