Lazarus Group Linked to $305 Million DMM Bitcoin Hack
Investigator ZachXBT noted similarities in the laundering techniques used in this incident, pointing to the group’s involvement.
1/4 So far in July 2024 more than $35M from the $305M DMM Bitcoin hack has been laundered to the online marketplace Huione Guarantee
It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and off chain indicators. pic.twitter.com/g1ndlttBll
— ZachXBT (@zachxbt) July 14, 2024
The stolen funds, amounting to over $35 million, were reportedly funneled through Huione Guarantee, an online marketplace. Tether responded by blacklisting a Tron-based wallet containing $29.6 million in USDT linked to the hack. This wallet received approximately $14 million within a brief period.
The laundering process involved moving stolen Bitcoin through mixers before bridging it to Avalanche or Ethereum networks using various platforms. From there, the funds were converted into Tether USDT and further processed through the Tron network via SWFT, eventually ending up on Huione.
Huione Guarantee, part of the Cambodian Huioine Group, has gained notoriety as a hub for illicit crypto activities in Southeast Asia. According to Elliptic Research, the platform has facilitated suspicious transactions totaling at least $11 billion over the past three years, with 2024 alone seeing transactions surpassing $3 billion in USDT.
This incident underscores the challenges faced in securing digital assets and highlights the need for enhanced regulatory oversight in the crypto industry.
Lazarus Group Linked to $305 Million DMM Bitcoin Hack
Investigator ZachXBT noted similarities in the laundering techniques used in this incident, pointing to the group’s involvement.
1/4 So far in July 2024 more than $35M from the $305M DMM Bitcoin hack has been laundered to the online marketplace Huione Guarantee
It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and off chain indicators. pic.twitter.com/g1ndlttBll
— ZachXBT (@zachxbt) July 14, 2024
The stolen funds, amounting to over $35 million, were reportedly funneled through Huione Guarantee, an online marketplace. Tether responded by blacklisting a Tron-based wallet containing $29.6 million in USDT linked to the hack. This wallet received approximately $14 million within a brief period.
The laundering process involved moving stolen Bitcoin through mixers before bridging it to Avalanche or Ethereum networks using various platforms. From there, the funds were converted into Tether USDT and further processed through the Tron network via SWFT, eventually ending up on Huione.
Huione Guarantee, part of the Cambodian Huioine Group, has gained notoriety as a hub for illicit crypto activities in Southeast Asia. According to Elliptic Research, the platform has facilitated suspicious transactions totaling at least $11 billion over the past three years, with 2024 alone seeing transactions surpassing $3 billion in USDT.
This incident underscores the challenges faced in securing digital assets and highlights the need for enhanced regulatory oversight in the crypto industry.
Summary:
Recent evidence suggests that the state-sponsored hacking group Lazarus may be responsible for a $305 million breach of the Japanese crypto exchange DMM Bitcoin. Investigator ZachXBT highlighted similarities in laundering techniques, linking the group to the hack. Over $35 million of the stolen funds were laundered through the online marketplace Huione Guarantee. Tether has blacklisted a Tron-based wallet connected to the hack, containing $29.6 million in USDT. The laundering process involved converting stolen Bitcoin to Tether USDT and moving it through various networks before ending up on Huione. Huione Guarantee, part of the Cambodian Huioine Group, has been implicated in facilitating over $11 billion in suspicious transactions over the past three years. This incident underscores the ongoing challenges in securing digital assets and the need for stricter regulatory oversight in the crypto industry.