North Korea-linked hackers have laundered approximately $430,000 in stolen cryptocurrency through six memecoins newly created on the NEAR blockchain, according to findings from blockchain analytics firm Elliptic. In a separate development, Thailand has proposed a daily stablecoin transfer limit of 5 million baht, approximately $148,000, as regulators step up scrutiny of digital asset transactions.

Hackers Disguise Stolen Funds as Trading Activity

Elliptic identified the unusual laundering operation in connection with the $6.3 billion Binance hack. As reported by CoinDesk, the attackers created six memecoins on the NEAR blockchain between November 5 and November 7, then moved roughly 117,000 NEAR tokens through the newly issued assets.

Rather than relying on conventional cryptocurrency transfers, the group used coordinated trading activity to obscure the movement of stolen funds. The scheme involved setting up liquidity pools and trading tokens among wallets controlled by the same network, making the transactions appear to generate legitimate trading profits rather than transfers of stolen cryptocurrency between connected addresses.

Elliptic found that nearly all of the trading activity originated from wallets tied to the operation. Even so, blockchain records preserve full transaction histories, allowing investigators to continue tracing the funds despite the added complexity.

The case reflects a wider pattern: North Korea-linked groups have been repeatedly implicated by researchers and government bodies in some of the industry's largest exchange thefts, making their on-chain movements a focal point for analytics firms. And because issuing a token on a smart-contract platform such as NEAR requires little more than a few transactions, laundering schemes can adopt new disguises quickly — even though every swap and liquidity-pool interaction remains permanently recorded on the public ledger, preserving an evidentiary trail for investigators.

Thailand Moves to Tighten Stablecoin Oversight

Separately, Thailand's Securities and Exchange Commission has proposed stricter oversight of stablecoin transactions carried out through regulated cryptocurrency businesses. Under the proposed framework, customers would face separate daily deposit and withdrawal limits of 5 million baht per operator. The rules would also prohibit transfers involving wallets owned by unrelated third parties.

Cryptocurrency operators would additionally be required to verify wallet ownership and strengthen transaction monitoring. Certain regulated businesses, approved market makers, and qualifying transactions would be exempt from the restrictions.

The proposal builds on regulatory principles introduced in September 2026 and is intended to curb money laundering, financial fraud, and attempts to circumvent international money transfer requirements.

The focus on stablecoins fits a broader regulatory trend: tokens designed to track the value of reference assets, most commonly national currencies, have become a core settlement layer across crypto markets, and their use for cross-border transfers has drawn increasing attention from authorities seeking to close channels for illicit finance. Because the Thai measures remain a draft rather than finalized rules, the eventual scope — including which exemptions survive — will depend on how the SEC advances the framework.

Compliance Pressures Mount Across the Industry

The two developments underscore distinct challenges facing the cryptocurrency industry. Criminal networks continue experimenting with decentralized tokens to move illicit funds, while regulators increasingly focus on stablecoin transfers and wallet verification.

For exchanges and blockchain businesses, stronger transaction monitoring may become increasingly important, though compliance measures must balance financial security against legitimate customer activity. As the investigation into the Binance theft continues, the NEAR memecoin operation illustrates how inexpensive token creation can complicate financial investigations, while Thailand's proposed restrictions signal sustained regulatory attention toward stablecoins and cryptocurrency-related financial crime.

Going forward, two threads bear watching: the progress of Elliptic's tracing of the NEAR-linked funds, and how Thailand's draft stablecoin rules take final shape — both of which will help define the compliance landscape for exchanges and token issuers alike.

Source: CryptoMeter io