North Korean hackers who turned around coins worth 8 trillion won on Binance, the world's largest exchange. Their criminal stolen goods were quirkyly poured into ordinary investors (ants) around the world as "money blasts" worth 83 billion won.
This is because hackers trying to avoid freezing funds bought coins by giving up to 38% more expensive money than the market price. Taking advantage of this opportunity, individual traders and automated trading programs (bots) around the world have intercepted huge risk-free gains.
On the 9th, Bitquery, an organization specializing in virtual asset forensics, released the results of this on-chain analysis.
According to the report, individual investors and trading bots around the world earned $60 million (about 83 billion won) in the exchange process of North Korean hackers after the recent Binance attack.
This is a disaster that occurred when U.S. authorities and major coin issuers immediately tied up 44% of the stolen money. Fearing that their assets would be further frozen, hackers flocked to the DEX, which has no central control agency, and pressed the buy button at random.
Decentralized exchanges have a structure in which prices soar when people flock to buy coins at once. When North Korea tried to convert a huge amount of altcoins into Bitcoin or Ethereum in a short period of time, there was a temporary distortion in which only the coin price in the trading window soared up to 38% above the market price.
Ants around the world responded quickly. As soon as he caught the price distortion, he bought a 100-won coin from another general exchange at the normal price, and immediately resold it to the decentralized exchange window, where North Korean hackers were buying it for 138 won, earning a fixed profit of 38 won.
The process has been repeated tens of thousands of times through the hands of auto-trading algorithms and numerous private traders.
In the process, North Korea's "exchange loss" in the air while trying to avoid freezing its account amounted to $119 million (about 165 billion won). In other words, more than half of the 165 billion won North Korea poured into the wallets of ordinary investors around the world.
Compared to the frozen global financial and coin market atmosphere, the windfall is even more dramatic.
Along with the recent adjustment of technology stocks in the New York Stock Exchange, $1.5 billion worth of forced liquidation occurred in the coin market alone in the aftermath of the Binance hack. Bitcoin is also pushed to the $75,000 mark, continuing its precarious tightrope near its lowest point of the year.
In the midst of a recession in which the entire market is moaning about negative returns, the impatient escape of the cybercrime organization behind the state has given market participants an all-time "liquidity bonus."
North Korea's Lazarus is tightening the reins of the "second laundry offensive" that combines altcoins into bitcoin at the risk of astronomical losses.
According to global blockchain analyst Elliptic, North Korea has begun to convert the entire Solana (about $90 million) into Bitcoin and another $100 million worth of XRP over the weekend. Among the seized ripple, the remaining balance is around $173 million.
THORCHain, a decentralized exchange network, was chosen as a detour to avoid tracking. So far, the number of newly secured Bitcoin by taking out JobCoin exceeds 2,300 (worth about 240 billion won).
Washing methods have also become more mechanized. North Korea is running a 24-hour automated laundry program by digging 20,000 new wallets and creating more than 65,000 transactions. It's like creating a new wallet every 30 seconds and moving coins every 10 seconds.
