The North Korean Lazarus Group is suspected of being behind the recent hack of the DMM Bitcoin exchange, which resulted in the theft of over $300 million. The hackers reportedly laundered $35 million of the stolen funds through a complex network involving the Huione Guarantee platform, a Chinese-language ecosystem known for facilitating substantial crypto transactions. This laundering process included moving stolen Bitcoin through mixers to obscure its origins before converting it to USDT and eventually transferring it to Huione.
ZachXBT, a respected crypto sleuth, connected the laundering techniques used in this case to those typically employed by the Lazarus Group, citing similarities in their methods. This connection is further supported by the involvement of Huione Guarantee, which has been linked to a large volume of crypto transactions and suspected scams. Additionally, Tether has blacklisted a wallet containing nearly $30 million in USDT associated with Huione, indicating the seriousness of the laundering scheme.
In related developments, Reuters reported that Lazarus allegedly transferred $150,000 worth of crypto assets to Huione Pay, a major Cambodian payments firm connected to Huione Guarantee. Huione Pay has denied knowledge of the illicit source of these funds, claiming that the wallet used for the transaction was not under its management. This denial highlights the challenges in tracing and addressing illicit financial flows within the crypto space.
Security experts and a UN report have suggested that North Korean hackers, including those from the Lazarus Group, may be infiltrating crypto projects to gather sensitive data and facilitate theft. The ongoing scrutiny underscores the need for enhanced security measures and vigilance within the cryptocurrency industry to combat sophisticated laundering and hacking activities.
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