Since the beginning of July, more than $35 million received as a result of the May hacking of the DMM Bitcoin cryptocurrency exchange has been laundered through the Cambodian online marketplace Huione Guarantee. Onchain researcher ZachXBT drew attention to this.
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
According to him, hackers initially passed the stolen bitcoins through mixers, and then exchanged them for Ethereum and Avalanche through the THORChain cross-chain liquidity protocol.
Further, the assets were converted into USDT, after that into Tron and in the final they ended up on Huione Guarantee.
One of the transfers in the amount of $29.6 million to Huione's account was blocked because on July 12, the issuer of the Tether stablecoin blacklisted one of the hacker Tron wallets.
TNVaKWQzau7xL9bcnvLmF9KSEQkWEs4Ug8
Timestamp: 12.07.2024, 23:21:36 UTC
Event: AddedBlackList
Balance: 28,257,162.94 USDT (TRC20)https://t.co/Whl97I1K7m
The same address, according to ZachXBT, withdrew about $14 million of stolen Bitcoin funds from DMM in three days.
The researcher also shared 538 wallets involved in hacking the exchange.
ZachXBT suggested that Lazarus Group was behind the incident, "since money laundering methods and off-chain indicators are similar."
Elliptic analysts previously reported that the online marketplace Huione Guarantee processed fraudulent transactions worth $11 billion.
Recall that on May 30, DMM Bitcoin, based in Japan, lost $305 million in bitcoins as a result of hacking.
About a week later, the exchange raised $320 million to compensate users.