Lazarus Group is reportedly behind the $305-million hack of DMM Bitcoin
A North Korean hacking group, Lazarus Group, is in the spotlight for allegedly laundering millions from a hacked Japanese cryptocurrency exchange. On-chain sleuth ZachXBT, tracking the stolen funds, believes Lazarus is behind the movement of over $35 million.
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
It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and off chain indicators. pic.twitter.com/g1ndlttBll
— ZachXBT (@zachxbt) July 14, 2024
Lazarus, infamous for its global cyber-attacks and financial skullduggery, is suspected of exploiting weaknesses in DMM Bitcoin’s defenses to steal a massive chunk of cryptocurrency. The plot thickens – investigators believe the stolen funds are being funneled through Huione Guarantee, a Cambodian online marketplace with reported ties to the country’s ruling family. This connection raises eyebrows, hinting at potential involvement by high-ranking officials and the chilling possibility of state-backed cybercrime.
ZachXBT’s investigation reveals a web of transactions designed to mask the origin of the stolen funds. The use of Huione Guarantee as a laundering channel showcases the growing cunning of cybercriminals who exploit legitimate businesses to hide their dirty deeds. This case highlights the uphill battle law enforcement faces in recovering stolen cryptocurrency. Blockchain technology’s inherent anonymity and decentralized nature make tracking the funds a complex task.
Lazarus isn’t new to the cybercrime scene. It has been linked to major attacks like the WannaCry ransomware fiasco and the Sony Pictures breach in 2014. Its suspected involvement in the DMM Bitcoin hack is believed to be part of a larger scheme to fuel North Korea’s regime, heavily sanctioned by the international community. Experts fear the stolen funds will be used to bolster the nation’s nuclear program and other clandestine activities.
