The hackers responsible for the $305 million DMM Bitcoin exchange breach in May have reportedly laundered over $35 million at an online marketplace in Cambodia this month.
Cryptocurrency investigator ZachXBT revealed that the funds have been funneled to Huione Guarantee, a company operating in Cambodia and connected to the country’s “ruling Hun family,” according to a July 10 update from blockchain forensics firm Elliptic.
This marketplace has handled $11 billion in cryptocurrency from hacks, scams, and other fraudulent activities, as noted by Elliptic.
ZachXBT suspects that the Lazarus Group is behind the hack, pointing to similarities in laundering methods and other indicators. The hackers have been using privacy mixers to deposit the stolen Bitcoin, then converting it to Ethereum or Avalanche through the cross–chain liquidity protocol THORChain.
According to ZachXBT, the funds are then converted into USDT and moved to Tron before being transferred to Huione. However, $28.2 million was blocked from reaching Huione after stablecoin issuer Tether blacklisted a Tron wallet address on July 12.
This wallet, which had extracted around $14 million from the DMM Bitcoin hack over three days, was flagged by Tether. ZachXBT also shared 538 wallet addresses associated with the Lazarus Group, Huione, and other parties involved in the hack.
Summary Review: Lazarus Group appears to be actively laundering funds from the $305 million DMM Bitcoin hack, with over $35 million moved through a Cambodian marketplace linked to the country’s ruling elite. Despite these efforts, Tether’s recent action to blacklist a specific Tron wallet has blocked a significant portion of the stolen funds. The ongoing investigation, highlighted by ZachXBT’s findings, underscores the complexity of tracking and mitigating crypto-related fraud. As the laundering process continues to evolve, it remains crucial for authorities and blockchain analysts to stay vigilant and adapt their strategies to combat such sophisticated schemes.
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