Key Takeaways:
- Hackers stole $305 million from DMM Bitcoin in May, laundering $35 million through Cambodia’s Huione Guarantee, linked to the Hun family.
- The Lazarus Group is suspected, utilizing privacy mixers and THORChain to convert the stolen Bitcoin to USDT, later blacklisted by Tether.
- In 2024, cryptocurrency thefts have surged to $1.4 billion, with centralized exchanges seeing a 900% increase in losses.
In May, hackers stole $305 million from DMM Bitcoin.
Recently, over $35 million of this stolen cryptocurrency was laundered through the Cambodian marketplace Huione Guarantee, which is reportedly linked to Cambodia’s ruling Hun family.
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
— ZachXBT (@zachxbt) July 14, 2024
It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and off chain indicators. pic.twitter.com/g1ndlttBll
Blockchain forensics firm Elliptic and cryptocurrency investigator ZachXBT revealed that Huione Guarantee has handled $11 billion in illicit crypto transactions.
The Lazarus Group is suspected to be behind the hack due to similarities in laundering techniques.
The stolen Bitcoin was moved through privacy mixers, converted to other cryptocurrencies using THORChain, and eventually converted to USDT before being transferred to Huione.
However, Tether blocked a transfer of $28.2 million by blacklisting a Tron wallet address.
DMM Bitcoin raised $320 million to compensate users affected by the hack.
In 2024, $1.4 billion in cryptocurrencies have been stolen, with centralized exchanges being the primary targets, seeing a 900% increase in losses over the past year, according to Cyvers.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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