- ZachXBT links $305M DMM Bitcoin hack to Lazarus Group.
- Over $35M funneled through Huione Guarantee.
- Tether blacklists wallet with $29.6M USDT.
Blockchain sleuth ZachXBT has uncovered new evidence linking North Korea’s Lazarus Group to the $305 million DMM Bitcoin hack, revealing how the hackers laundered over $35 million of the stolen funds through the online marketplace Huione Guarantee.
ZachXBT’s findings suggest the Lazarus Group employed similar laundering methods using off-chain indicators.
Last week, Tether blacklisted a Huione-linked wallet containing 29.6 million USDT on the Tron network. Approximately $14 million from the DMM Bitcoin hack flowed into this wallet within three days.
ZachXBT explained that the laundering process typically follows a pattern where the hacker channels the stolen BTC through a transaction mixer. Afterward, the funds are bridged from Bitcoin to Ethereum or Avalanche using THORChain, Threshold, or Avalanche Bridge, and then swapped.
Last year, ZachXBT reported on the $31 million Fintoch investment fraud scheme linked to Huione, further highlighting the platform’s role in laundering activities.
Huione Guarantee has become a scam hub in Southeast Asia, often used by criminal organizations, including pig butchering gangs. Blockchain analytics firm Elliptic recently reported that merchants on Huione have conducted over $11 billion in transactions. The report also alleged connections between the Huione Group and the Cambodian government.
Over the years, online scams have continued to grow, with a yearly global estimate of $64 billion lost to scamming syndicates, according to the Financial Scams report .
Per the United States Institute of Peace report , the Southeast Asian countries of Cambodia, Laos, and Myanmar lose about $43.8 billion (40% of their combined formal GDP) to scam groups each year.
Myanmar’s director at USIP, Jason Tower, commented on the findings, stating, “this has gone from being very much a regional issue that was focused on criminal markets within the region to a global issue in a very short period of time, and it’s spreading into other countries… There’s new linkages into the Middle East, into Africa, that the same criminal actors are beginning to exploit.”
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