The hacking of Japan’s DMM Bitcoin exchange has unveiled potential involvement by North Korea’s notorious Lazarus Group.
A report from ZachXBT reveals that over $35 million of the $305 million stolen was laundered through Cambodia’s Huione Guarantee.
Similarities in Money Laundering Methods
A hacking incident at Japan’s cryptocurrency exchange, DMM Bitcoin, may have involved North Korea’s cyber-attack group, “Lazarus.” This revelation comes from a report by cryptocurrency research firm, “ZachXBT.”
ZachXBT disclosed this in a post on X (formerly Twitter) on July 14, 2024, explaining that out of the $305 million worth of cryptocurrency stolen in the DMM Bitcoin hack in May, over $35 million had been laundered through Cambodia’s online marketplace, “Huione Guarantee.”
This platform has previously been used for online fraud and money laundering. The similarities in money laundering methods and off-chain indicators suggest that the Lazarus Group could be behind this hacking incident.
Funds Laundered Through Online Marketplace
By July 2024, more than $35 million of the $305 million stolen in the DMM Bitcoin hack had been laundered through the online marketplace “Huione Guarantee.”
The resemblance in money laundering techniques and off-chain indicators has led to suspicions that the Lazarus Group is behind this hacking.
According to ZachXBT’s investigative report, the hackers attempted to make the stolen Bitcoin difficult to trace by sending it to mixing services before bridging the funds to Ethereum and Avalanche or converting them into cryptocurrencies like USDT.
Eventually, they aimed to transfer the funds as USDT to “Huione.”
Mixing services: These services combine multiple cryptocurrency transactions to make them harder to trace.
However, on July 12, Tether, the issuer of USDT, blacklisted the related wallets, blocking a transfer of $28.2 million.
This wallet reportedly received about $14 million of the stolen funds.
Additionally, in the latest post, ZachXBT shared 538 wallet addresses related to the Lazarus Group, Huione, and the DMM Bitcoin hacking incident.
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