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Report Identifies North Korea-Supported Lazarus Group as Perpetrators of $305 Million DMM Bitcoin Theft
The recent breach of the Japanese cryptocurrency exchange DMM Bitcoin is reportedly linked to the infamous North Korean Lazarus Group. On-chain investigator ZachXBT noted that the theft resembles the laundering methods utilized by the notorious group.
“It is believed that the Lazarus Group is responsible for the hack due to the resemblance in laundering methods and off-chain indicators.”
1/4 As of July 2024, over $35 million of the $305 million stolen in the DMM Bitcoin hack has been laundered to the online platform Huione Guarantee.
It is believed that the Lazarus Group is responsible for the hack due to the resemblance in laundering methods and off-chain indicators. pic.twitter.com/g1ndlttBll
— ZachXBT (@zachxbt) July 14, 2024
On May 31, DMM Bitcoin experienced a loss of 4,502.9 BTC (valued at $305 million) due to a hack, marking one of the largest exchange breaches globally in terms of fiat value. The company confirmed that the incident was an “unauthorized leak of Bitcoin from our wallet.”
According to ZachXBT, the hackers transferred the $305 million in stolen assets from DMM to an online marketplace—Huione Guarantee—in July.
“Huione has emerged as a significant center for illicit funds in Southeast Asia,” the investigator stated on X. “It is primarily utilized by criminal organizations such as pig butchering gangs.”
4/4 Huione has emerged as a significant center for illicit funds in Southeast Asia, primarily utilized by criminal organizations such as pig butchering gangs.
A recent report from the blockchain analytics firm Elliptic indicated that merchants on the platform have conducted transactions totaling an estimated $11 billion… https://t.co/n4E0rorhv9 pic.twitter.com/DJkweWYJPm
— ZachXBT (@zachxbt) July 14, 2024
Blockchain analytics firm Elliptic recently disclosed that merchants on the marketplace provide “tech, data, and money laundering services.” They reportedly have engaged in transactions amounting to at least $11 billion, according to the report.
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Huione Guarantee is part of the Cambodian conglomerate Huione Group, which has connections to Cambodia’s ruling Hun family.
Tether Blacklists Wallet that Transferred $14M From DMM Bitcoin
Additionally, ZachXBT mentioned that stablecoin issuer Tether has blacklisted a Tron-based wallet containing 29.6 million USDT, which is reportedly linked to Huione.
Moreover, this wallet received $14 million worth of hacked funds from DMM Bitcoin within a three-day timeframe.
2/4 Over the weekend, Tether blacklisted a wallet with 29.6M USDT on Tron connected to Huione.
Approximately $14 million flowed into this wallet from the DMM Bitcoin hack over a three-day period.
TNVaKWQzau7xL9bcnvLmF9KSEQkWEs4Ug8 pic.twitter.com/dXfOBI9xkW
— ZachXBT (@zachxbt) July 14, 2024
Furthermore, ZachXBT drew comparisons between the DMM breach and previous operations by the Lazarus Group, concluding a similar modus operandi.
The investigator elaborated on the sophisticated methods employed to maneuver the stolen funds across the digital landscape. The suspected North Korean threat actors deposited the Bitcoins from the DMM hack into a mixer, as stated in a tweet.
Subsequently, after withdrawing BTC from the mixer, the hackers bridged the funds across various blockchain networks and converted them into other cryptocurrency denominations. This complex heist strategy reflects the signature laundering techniques associated with the Lazarus Group.
The post North Korea-Backed Lazarus Group Behind $305M DMM Bitcoin Heist: Report appeared first on Cryptonews.
