North Korean hacker group Lazarus, the mastermind behind the $305 million Bitcoin hack from the DMM cryptocurrency exchange in May, moved almost $35 million to an online platform in Cambodia this month.
According to ZachXBT report the stolen funds were transferred to the “Huione Guarantee” platform. This platform operates in Cambodia and is linked with the nation’s “ruling Hun family,” blockchain firm, he stated in a July 14 X post. according to Elliptic, the marketplace processed almost $11 billion of stolen crypto assets.
The hackers are dumping the stolen Bitcoin funds into privacy mixers, then withdrawing them and transferring the funds to ETH or Avalanche using the cross-chain liquidity protocol THORChain.
The funds are converted into Dollars and passed on to Tron before transferring to Huione.
On July 12 the Tether blacklisted the Tron wallet address “TNVaK…s4Ug8”, stopping a total of $28.2 million of funds from the transfer. ZachXBT the address is the same as which took out $14 M of funds from the DMM exchange.
Japan-based DMM Bitcoin hack $305 million in Bitcoin because of ineffective security. On May 30 hackers took the opportunity of this flow and breached into the company server resulting in a major hack.
To compensate for users’ losses, the exchange raised $320 million of funds. According to Cyvers, a blockchain security firm almost $1.4B of funds were stolen in 2024.
“This quarter has witnessed a significant shift in attack vectors, with centralized exchanges (CEX) bearing the brunt of major incidents, while decentralized finance (DeFi) protocols show improved resilience,” Cyvers said.
