Stolen Bitcoin from $305M DMM Hack Laundered via Cambodian Platform Huione Guarantee

  • The cryptocurrency world is in turmoil as over $35 million in stolen funds from the $305 million DMM Bitcoin hack have been laundered through Huione Guarantee, a marketplace run by the Cambodian conglomerate Huione Group.
  • Huione Guarantee is notably linked to the Cambodian ruling elite and is known to be a significant hub for illicit financial activities in Southeast Asia.
  • Experts point to the notorious Lazarus Group from North Korea as the likely perpetrators behind the hack and subsequent fund laundering.

Discover the details of a major cryptocurrency laundering scandal involving the Huione Guarantee platform, linked to the infamous DMM Bitcoin hack, and the potential involvement of North Korea’s Lazarus Group.

Large-Scale Laundering Through Huione Guarantee Platform

Over the weekend, stablecoin issuer Tether took significant steps by blacklisting a wallet containing 29.6 million USDT on the Tron network. The wallet, according to on-chain detective ZachXBT, received approximately $14 million in stolen funds from the DMM Bitcoin hack within just three days. This action hints at a well-coordinated laundering scheme, potentially orchestrated by North Korea’s Lazarus Group, which has been suspected of similar activities in the past.

The Mechanism Behind the Laundering Operation

The laundering process uncovered by ZachXBT involved a series of intricate steps. Initially, the stolen Bitcoin was deposited into a mixer. Post-mixing, the tokens were withdrawn and subsequently bridged to Ethereum or Avalanche using platforms like THORChain and the Avalanche bridge. The funds were then swapped for USDT and bridged to the Tron network via SWFT. Ultimately, the laundered funds were transferred to Huione Guarantee, cementing the platform’s role as a laundering haven.

Huione Guarantee: A Hub for Illicit Financial Activity

Further investigations by Elliptic, a crypto tracing firm, revealed that Huione Guarantee’s deposit and escrow services are primarily used for peer-to-peer transactions in various cryptocurrencies, especially USDT, over platforms like Telegram. The service’s heavy use by scammers has raised significant concerns, as it facilitates fraudulent operations, including pig butchering scams.

Provision of Scam-Enabling Products

Elliptic’s research also pointed out that Huione Guarantee’s marketplace sells equipment allegedly used for imprisoning and torturing workers within scam operations. Items such as tear gas, electric batons, and electronic shackles are openly advertised on the platform, indicating a deeply entrenched network of criminal activities and human rights abuses.

Conclusion

This emerging scandal surrounding Huione Guarantee and the laundering of DMM Bitcoin hack funds sheds light on the complex and often shadowy world of cryptocurrency-related financial crime. With North Korea’s Lazarus Group suspected to be involved, the convergence of state actors and illicit marketplaces underscores the need for robust regulatory frameworks and enhanced cooperation among international enforcement agencies. As the cryptocurrency landscape continues to evolve, so too must the mechanisms to safeguard against such malicious activities, ensuring a secure and transparent financial environment.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Binance EN: $MGO added to Binance alpha projects

Binance EN: $MGO added to Binance alpha projects 币安重要公告: $...

MicroStrategy Leads Gains in US Crypto Stocks Amid Pre-Market Rally on June 24th

In pre-market trading on June 24th, cryptocurrency-related US stocks...

TRON Founder Justin Sun Highlights $160M Asset Freeze and U.S. SEC Acceptance of TRX ETF at IXO™ 2025

At the recent IXO™ 2025 Web3 conference in Seoul,...

BTC Price Poised for Rally Amid Iran-Israel Ceasefire and Dovish Fed Signals

Recent developments indicate a tentative ceasefire between Iran and...

UPBIT LISTING 거래 뉴턴프로토콜(NEWT) 신규 거래지원 안내 (KRW, BTC, USDT 마켓)

UPBIT LISTING 거래 뉴턴프로토콜(NEWT) 신규 거래지원 안내 (KRW, BTC,...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img