North Korea Is Laundering Binance Hack Loot at One New Wallet Every 25 Seconds

North Korean hackers are laundering cryptocurrency stolen from Binance at a rate of about one new wallet every 25 seconds. The speed and scale of the transfers show how quickly stolen funds can be dispersed, while action by stablecoin issuers has already prevented a substantial share from moving further.

Elliptic says the attacker used about 12,000 wallets across 11 blockchains and made more than 40,000 transactions in under four days. About $2.85 billion, or 44% of the $6.43 billion haul, has been frozen or seized; roughly $3.24 billion remains linked to the theft. The FBI attributes the attack to North Korean group TraderTraitor, and Elliptic expects the remaining laundering and cash-out process to take months.