$300 Million Crypto Heist: DMM Bitcoin Falls Victim to North Korean Hackers
The Japanese exchange DMM Bitcoin suffered a cyberattack, resulting in the theft of over $300 million in cryptocurrency. The primary suspect in this case is the notorious North Korean hacker group, Lazarus Group. The incident occurred in May of this year.
According to independent cryptocurrency analyst ZachXBT, by July, the perpetrators had already laundered approximately $35 million of the stolen funds. The money laundering scheme was quite complex and involved several stages:
- First, the bitcoins were passed through a so-called “mixer” service, which helps to obscure the transaction history of cryptocurrencies.
- The “cleaned” funds were then transferred to another blockchain, where they were exchanged for the stablecoin USDT (Tether).
- After yet another blockchain change, the USDT was finally sent to the platform Huione Guarantee.
Huione Guarantee is a Chinese-language ecosystem and marketplace that has been in existence for three years. According to Cybernews.com, it has allegedly facilitated at least $11 billion in illicit transactions.
Tether, the company issuing the popular stablecoin USDT, responded adeptly to the situation by blacklisting the wallet allegedly associated with Huione, which contained nearly $30 million USDT.
ZachXBT concluded that Lazarus was behind the attack by comparing the money laundering paths and other indirect evidence with previous incidents.
Reuters also reported that this group allegedly transferred crypto assets worth $150,000 to the large Cambodian payment company Huione Pay, affiliated with Huione Guarantee. Company representatives claimed they were unaware of receiving funds indirectly linked to hacking activities and that the wallet from which the money was transferred is not under their control.
Another report published by DLNews, citing experts and a UN report, asserts that North Korean hackers are attempting to secure jobs in cryptocurrency projects to gather confidential data and steal assets.
The Lazarus Group, known for its prolific activity in the cryptocurrency sector, is considered one of the most productive and dangerous hacking organizations in the world of cryptocurrencies. Their activities are not limited to hacking exchanges but also include various fraud schemes and cyber espionage.
