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ZachXBT

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The hackers behind the $305 million May hack against cryptocurrency exchange DMM Bitcoin have reportedly laundered more than $35 million so far this month at an online marketplace in Cambodia. 
According to cryptocurrency sleuth ZachXBT, the funds have been <a href="https://x.com/zachxbt/status/1812466959109521649" target="_blank" rel="noopener nofollow">laundered</a> at Huione Guarantee. The exchange operates in Cambodia and has been linked to the nation’s “ruling Hun family,” blockchain forensics firm Elliptic <a href="https://t.co/p9tqquGhJ6" target="_blank" rel="noopener nofollow">said</a> in a July 10 post.
The marketplace has transacted $11 billion worth of crypto from hacks, pig butchering scams and other exploits, according to Elliptic.
“It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and off chain indicators,” said ZachXBT.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/5e5183a4-12c8-4d39-bf75-5548eacdee83.png" alt="Lazarus is moving millions from $305M DMM Bitcoin hack — ZachXBT" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/zachxbt/status/1812466959109521649" target="_blank" rel="noopener nofollow">ZachXBT</a>
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</figure>
The hackers have been depositing the stolen Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) to privacy mixers, withdrawing that Bitcoin and bridging those funds to Ethereum or Avalanche via the cross-chain liquidity protocol THORChain.
ZachXBT said the funds were then converted into USDT (<a href="https://cointelegraph.com/bitcoin-price">USDT</a>) and bridged to Tron before being transferred to Huione.
However, $28.2 million was blocked from being transferred to Huione after USDT-issuer Tether <a href="https://tronscan.org/#/address/TNVaKWQzau7xL9bcnvLmF9KSEQkWEs4Ug8" target="_blank" rel="noopener nofollow">blacklisted</a> Tron <a href="https://cointelegraph.com/news/how-to-securely-store-crypto-in-software-wallets">wallet address</a> “TNVaK…s4Ug8” on July 12.
This is the same wallet that extracted about $14 million from the DMM Bitcoin hack over the course of three days, ZachXBT noted.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/6042434f-6832-4d26-9536-9eefab61dac6.png" alt="Lazarus is moving millions from $305M DMM Bitcoin hack — ZachXBT" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/USDTBanList/status/1811904659038306519" target="_blank" rel="noopener nofollow">USDT/USDC Ban List</a>
 </figcaption>
</figure>
ZachXBT also&nbsp;<a href="https://www.chainabuse.com/report/7a1ce276-3347-43d2-8b16-c1a7cf2bfaf3" target="_blank" rel="noopener nofollow">shared</a> 538 wallet addresses connected to Lazarus Group, Huione and others linked to the DMM Bitcoin hack.
Related: <a href="https://cointelegraph.com/news/uwu-lend-hack-20-million">UwU Lend hit by $20M crypto hack</a>
Japan-based DMM Bitcoin lost $305 million in Bitcoin after a critical vulnerability was exploited. The vulnerability allowed the hackers to <a href="https://cointelegraph.com/news/japanese-exchange-dmm-loses-bitcoin-private-key-hack">access its servers</a><a href="https://cointelegraph.com/news/japanese-exchange-dmm-loses-bitcoin-private-key-hack"></a>, causing an “unauthorized leak” of Bitcoin&nbsp;on May 30.
The cryptocurrency exchange <a href="https://cointelegraph.com/news/dmm-bitcoin-raises-320m-recover-funds-hack-crypto-exchange-raises-320-m-to-recover-funds-after-major-hack">raised $320 million</a> about a week later to compensate users for the losses.
<a href="https://cointelegraph.com/news/crypto-hacks-2024-cexs-metamask-web3">Over $1.4 billion</a> worth of cryptocurrencies have been stolen so far in 2024, according to blockchain security firm Cyvers.
Centralized exchanges have <a href="https://cointelegraph.com/news/crypto-hacks-2024-cexs-metamask-web3">become a main target</a> for hackers, with losses increasing 900% over the last 12 months.
“This quarter has witnessed a significant shift in attack vectors, with centralized exchanges (CEX) bearing the brunt of major incidents, while decentralized finance (DeFi) protocols show improved resilience,” Cyvers said.
Magazine: <a href="https://cointelegraph.com/magazine/deposit-risk-crypto-exchanges-money/">Deposit risk: What do crypto exchanges really do with your money?</a>

Lazarus is moving millions from $305M DMM Bitcoin hack — ZachXBT

Cointelegraph

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