Source time Edition date
PolicyDecrypt
North Korea Is Laundering Binance Hack Loot at One New Wallet Every 25 Seconds
朝鲜正以每25秒一个新钱包的速度洗白币安黑客赃款
Worth reading for the enforcement gap: Binance-related funds see far more freezing than the Bybit hack, raising the question of who bears the cost of tracking North Korea's 12,000-wallet laundering pipeline.
Judgment
Exchanges, stablecoin issuers and analytics vendors—not only Binance—must decide whether to absorb the cost of tracking North Korea’s 12,000-wallet laundering pipeline, since the source shows enforcement is uneven: about 44% of Binance hack funds frozen versus about 3% in the Bybit hack.
Basis
Decrypt Staff report that $2.85 billion of the $6.43 billion stolen from Binance has been frozen or seized—about 44%—compared with about 3% in the Bybit hack. The mechanism the source supplies is automated laundering dispersed across 12,000 wallets, described as one new wallet every 25 seconds; each endpoint must be identified, attributed and frozen, so compliance teams face scale rather than a single target. The implied tradeoff is who pays for that monitoring and freezing, and whether lower-hit incidents like Bybit get the same follow-through.
- Binance hack frozen or seizedabout 44% ($2.85B of $6.43B)
- Bybit hack frozen or seizedabout 3%
Unclear The source does not say which exchanges, stablecoin issuers, or analytics vendors actually bear the tracking cost, nor how many of the 12,000 wallets remain unfrozen.
Next Watch for a public freeze tally from Binance, Bybit, or law enforcement that updates the $2.85 billion and 12,000-wallet figures.