North Korea Lazarus Group behind $305M DMM Bitcoin Heist
According to reports, the recent $305 million hack of the Japanese cryptocurrency exchange DMM Bitcoin is connected to the infamous North Korean Lazarus Group. On-chain investigator ZachXBT claims that the heist’s methods are comparable to those previously observed from the Lazarus Group.
The theft of 4,502.9 BTC ($305 million) was confirmed by DMM Bitcoin on May 31, 2024, as a result of an “unauthorized leak of Bitcoin from our wallet.” ZachXBT determined that the Lazarus Group was a suspect due to parallels in their tactics of money laundering as well as other factors.
More than $35 million of the pilfered money was laundered in July 2024 via the Huione Guarantee internet marketplace. According to ZachXBT, criminal groups including gangs that butcher pigs regularly use Huione as a major gateway for illegal funds throughout Southeast Asia.
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
Huione Guarantee is a unit of the Huione Group, a corporation with ties to the Hun family that rules Cambodia. Elliptic, a blockchain analytics company, revealed that Huione Guarantee merchants provide technology, data, and money laundering services, with a minimum of $11 billion in transactions.
Furthermore, a Tron-based wallet linked to Huione and holding 29.6 million USDT was blacklisted by stablecoin issuer Tether. Over the course of three days, this wallet was credited with $14 million worth of stolen money from the DMM Bitcoin theft.
2/4 Over the weekend Tether blacklisted a wallet with 29.6M USDT on Tron connected to Huione.
~$14M flowed into this wallet from the DMM Bitcoin hack in a 3 day period.
TNVaKWQzau7xL9bcnvLmF9KSEQkWEs4Ug8 pic.twitter.com/dXfOBI9xkW
— ZachXBT (@zachxbt) July 14, 2024
ZachXBT highlighted the intricate strategies utilized to move the stolen money throughout the digital landscape by drawing comparisons between the DMM Bitcoin theft and other Lazarus Group operations. The purported North Korean hackers grabbed Bitcoins, put them in a mixer, took them out, and then used a blockchain bridge to transfer the money between several networks and exchange it for other cryptocurrencies. This tactic is similar to the Lazarus Group’s usual money laundering practices.
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