Bitcoin
Lazarus Group Linked to $35 Million Laundering Through Huione Following $305 Million DMM Bitcoin Hack
Shocking – A new twist has emerged after the huge DMM Bitcoin Hack. Cryptocurrency researcher ZachXBT uncovered a trail that led $35 million of the stolen funds to an unexpected destination: the online marketplace Huione Guarantee. But here’s the real puzzle: the laundering scheme used tactics from the infamous Lazarus Group.
Could this be a sign of their involvement? Read on.
A Systematic Process of Money Laundering
The laundering process was meticulously executed. Initially, the stolen Bitcoin was transferred to a mixing service to obscure its origins. The mixed Bitcoin was then moved to a new address. Afterwards, the funds were converted from Bitcoin to Ethereum or Avalanche using platforms such as THORChain, Threshold, or the Avalanche bridge. The laundered Bitcoin was finally exchanged for USDT and sent to Huione.
The hacking and money laundering techniques mirror those of the Lazarus Group, a cybercriminal organization linked to North Korea. The similarities in money laundering methods and off-chain activities further suggest their involvement.
Tether takes action
A significant development occurred over the weekend when Mooring Tether has identified and blacklisted a wallet containing $29.6 million USDT on the Tron network. This wallet, associated with Huione, received approximately $14 million of the DMM Bitcoin theft over three consecutive days. Tether’s action aims to freeze the stolen funds and prevent further laundering.
More about Huione Warranty
Huione Guarantee has become a hub for money laundering in Southeast Asia, attracting criminals such as the infamous “pig butcher” fraudsters. A recent report from blockchain analytics firm Elliptic stated that Huione merchants handled $11 billion in transactions.
The report also indicated that Huione Group has connections with the Cambodian government, which makes it difficult for authorities to shut down the company.
An urgent need for supervision
In December last year, ZachXBT discovered that tens of millions of yuan from Fintoch’s $31 million investment fraud were funneled through Huione. This highlights the persistent use of Huione for illicit activities, underscoring the need for greater regulatory oversight and strict anti-money laundering controls.
Read too: Crypto Hack Weekly Report: DeFi and Celebrities Under Attack!
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