Hackers Launder Stolen Funds
The recent hack of Japanese cryptocurrency exchange DMM Bitcoin has led to the laundering of stolen funds, amounting to approximately $305 million in crypto assets. According to on-chain investigator ZachXBT, over $35 million has been laundered through the infamous Huione collateral market.
Possible Involvement of North Korea Lazarus Group
The Huione marketplace, based in Cambodia, has been linked to illegal transactions totaling $11 billion. Investigators suspect that the North Korean-backed Lazarus Group may be behind the DMM Bitcoin hack. The group is believed to have transferred stolen funds to Huione-related wallets, using sophisticated money laundering techniques.
Details of the DMM Bitcoin Hack
On May 29, DMM Bitcoin experienced an unauthorized outflow of 4,502.9 BTC, leading to the suspension of its operations. The exchange suspects that its wallet’s private keys were compromised in a server attack. To compensate users, the exchange raised $320 million through its parent company, DMM.com, with the assistance of Japan’s Financial Services Agency.
The laundering of funds through Huione and the involvement of the Lazarus Group highlight the growing challenges faced by the cryptocurrency industry in combating cybercrime and securing digital assets. As investigations continue, it is essential for exchanges and regulators to work together to strengthen security measures and protect investors from future attacks.
