4,502.9 Bitcoins from Japanese exchange DMM were stolen, and North Korea was behind it

The recent hack of the Japanese crypto exchange DMM Bitcoin is believed to be linked to the North Korean Lazarus Group.

On-chain investigator ZachXBT identified similarities in the laundering techniques used, pointing towards the notorious group.

DMM lost 4,502.9 BTC

On May 31, DMM Bitcoin lost 4,502.9 BTC, valued at $305 million, in one of the largest global exchange hacks.

The company confirmed an unauthorized leak of Bitcoin from their wallet.

According to ZachXBT, the stolen funds were transferred to Huione Guarantee, an online marketplace in July.

Huione has become a hub for illicit funds in Southeast Asia, often used by criminal organizations like pig butchering gangs.

Sophisticated Laundering Techniques

ZachXBT highlighted parallels between the DMM breach and Lazarus Group’s past operations, noting the sophisticated methods used to maneuver stolen funds across the digital landscape.

The hackers deposited the Bitcoins into a mixer, then bridged the funds across different blockchain networks, converting them into various cryptocurrencies.

This strategy is characteristic of Lazarus Group’s laundering operations.

Huione Group has been blacklisted by tether

Elliptic, a blockchain analytic firm, reported that Huione merchants offer tech, data, and money laundering services, with transactions totaling at least $11 billion.

Huione Guarantee is part of the Cambodian conglomerate Huione Group, linked to the ruling Hun family.

Tether has blacklisted a Tron-based wallet with 29.6 million USDT connected to Huione. This wallet received $14 million worth of hacked funds from DMM Bitcoin over three days.