Notorious North Korean Hacker Group Lazarus Suspected Of Laundering $35M From The Infamous $305M DMM Bitcoin Heist

Author: Aniket Verma | July 15, 2024 03:36am

In a major revelation, the notorious North Korean hacker group, Lazarus, is suspected of laundering over $35 million from the infamous hack of Japanese cryptocurrency exchange DMM Bitcoin.

What Happened: According to on-chain detective ZachXBT, the hackers behind the $305 million exploit allegedly laundered funds through a Cambodian online marketplace, Huione Guarantee, reportedly linked to Cambodia’s ruling Hun family.

“It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and off-chain indicators,” ZachXBT stated.

1/4 So far in July 2024 more than $35M from the $305M DMM Bitcoin hack has been laundered to the online marketplace Huione Guarantee

It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and off chain indicators. pic.twitter.com/g1ndlttBll

— ZachXBT (@zachxbt) July 14, 2024

Citing a report by blockchain analytics firm Elliptic, the cryptocurrency sleuth said that Huione has become the preferred money laundering service provider for criminal groups in Southeast Asia, clocking an estimated $11 billion in transaction volume.

See Also: Long-Inactive Bitcoin Wallet Unleashes $60M Amid Market Rebound, Stands To Profit 497X On Sale

Why It Matters: Japan-based DMM Bitcoin lost $305 million in Bitcoin (CRYPTO: BTC) after a critical vulnerability was exploited in May. The cryptocurrency exchange raised $320 million about a week later to compensate users for the losses.

This is not the first time the Lazarus Group has been linked to large-scale cryptocurrency theft. The notorious gang, alleged to be run by the government of North Korea, laundered $13 million worth of Ethereum (CRYPTO: ETH) through a cryptocurrency mixer, Tornado Cash, earlier in March, despite U.S. sanctions.

According to a report, the group reportedly stole over $1 billion in cryptocurrency assets in 2023, targeting a record 20 platforms.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Image Via Shutterstock

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