A hacker linked to a past Binance exploit moved $430,000 in stolen funds across the NEAR Protocol using six newly minted meme coins over three days, according to blockchain analytics firm Elliptic.
Elliptic's forensic analysis shows the hacker created six distinct, low-liquidity meme tokens on NEAR and used them as temporary vehicles to fragment the stolen capital. The operation involved rapid swaps between these newly launched assets and more established tokens—a classic layering technique to obscure the transaction path from the original exploit wallet. This leverages DeFi composability to break the on-chain trail.
NEAR's appeal for this maneuver is clear: rapid, low-cost token deployment and liquidity provision. While the protocol offers a robust environment for developers, its ease of token creation enables illicit abuse. Hackers are increasingly exploiting emerging ecosystems to bypass traditional monitoring infrastructure that remains focused on larger chains.
Blockchain analytics firms like Elliptic are sharpening their detection capabilities to track such complex fund movements. Their intelligence feeds directly to exchanges and law enforcement. Major platforms including Binance are strengthening security protocols to prevent stolen funds from flowing across the ecosystem.
