North Korea's Lazarus Group linked to 305M dollar hack of DMM Bitcoin
North Korea's Lazarus Group linked to 305M dollar hack of DMM Bitcoin
The cyberattack, confirmed in May, resulted in the theft of a staggering 4,502.9 BTC. Blockchain investigator ZachXBT identified laundering techniques used by the hackers that are consistent with those previously used by Lazarus, involving sophisticated movements of stolen funds across multiple platforms and networks, Cointelegraph reported.
In May 2024, Japan-based DMM Bitcoin confirmed a massive breach that resulted in the loss of approximately 48 billion yen ($305 million) in bitcoin. The exchange subsequently raised $320 million to compensate affected users. The incident underscores the growing threat to the cryptocurrency industry from organized hacking groups.
ZachXBT said that approximately $35 million of the stolen funds were laundered through Huione Guarantee, a known marketplace for illicit transactions.
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According to a report by Elliptic, a blockchain forensics firm, Huione Guarantee has transacted in total $11 billion worth of crypto from hacks, scams, and other exploits.
The hackers used complex methods involving crypto mixers, bridging stolen assets to the Avalanche and Ethereum blockchains, and ultimately converting them to USDT on the Tron network. These techniques are consistent with patterns associated with the Lazarus Group, highlighting their ability to obfuscate transactions.
Tether, the stablecoin issuer, blacklisted the Tron wallet address "TNVaK...s4Ug8" on July 12, preventing the transfer of $28.2 million. According to ZachXBT, this is the same wallet that received approximately $14 million from the DMM bitcoin breach over a three-day period.
The involvement of the Lazarus Group in such a significant breach underscores the ongoing threat of cybercrime in the crypto space.
As laundering techniques become more sophisticated, exchanges and regulators must step up their security measures to protect digital assets.
