As an analyst with over two decades of experience in the tech and finance industries, I’ve seen my fair share of cybercrime, especially in the realm of cryptocurrencies. The recent movement of $30.4 million worth of Bitcoin linked to the DMM Bitcoin hack is a stark reminder that these criminals are always on the move, seeking new ways to launder their ill-gotten gains.
As a crypto investor, I recently came across some news that’s sending ripples through the community. It seems that a wallet associated with the infamous $305 million DMM Bitcoin heist in May has been active again. This time, it’s said to have transferred 500 Bitcoin, which, at current values, equates to approximately $30.4 million.
As per PeckShield Alert’s report, it is suspected that the owner of the address transferred around 250 Bitcoins each to two different addresses.
Warning from PeckShield and DMM Bitcoin: An account identified as a hacker’s has transferred approximately $30.4 million worth of Bitcoin (500 BTC) to two different accounts.— PeckShieldAlert (@PeckShieldAlert) August 22, 2024
It’s suspected that the funds are linked to the 4,502.9 BTC that were stolen from the Japanese cryptocurrency exchange DMM Bitcoin in May, which was approximately $305 million at the time. However, with current exchange rates, it would be worth around $274 million. Shortly after the cyber attack, DMM Bitcoin managed to raise a compensation fund of $320 million, which they used to reimburse victims of the hack.
Previously, ZachXBT, a blockchain investigator, accused the infamous hacking team known as the Lazarus Group, believed to be associated with North Korea, of orchestrating the DMM Bitcoin heist. According to ZachXBT’s analysis, the methods used to clean the stolen cryptocurrency and various other off-chain hints all pointed towards the Lazarus group as the likely perpetrators.
Following the hack, it’s said that the perpetrators broke down the stolen Bitcoins into approximately 500 BTC chunks, transferring them into separate digital wallets. The funds traced by Peckshield are from one of these newly created wallets and represent the latest movement since the Bitcoin heist on May 31.
In July, ZachXBT claimed that the attackers had moved about $35 million worth of Bitcoin to the Cambodia-based exchange, Huione Guarantee. The exchange was recently accused of facilitating the laundering of funds from crypto hacks, pig butchering scams, and other crypto exploits.
4/4 Huione serves as a significant nexus for illicit finances across South East Asia, predominantly catering to criminal entities like pig butchering groups.
According to a report by blockchain analytics firm Elliptic, merchants on this platform are estimated to have transacted over $11 billion in…
— ZachXBT (@zachxbt) July 14, 2024
In the realm of cryptocurrency news, I recall that in July, it was reported that Tether had frozen a Tron wallet, which was under suspicion of belonging to Huione. The wallet contained over $28 million worth of USDT, funds that were suspected to be ill-gotten gains.
Based on findings from a cryptocurrency investigator, the perpetrators behind the DMM Bitcoin heist often transfer the stolen digital assets to anonymizing services known as privacy mixers. Subsequently, they move these mixed tokens to Ethereum (ETH) and Avalanche (AVAX) via THORChain. The funds are then converted to Tether (USDT), shifted to Tron (TRX), and ultimately deposited on Huione.
Read More
Sorry. No data so far.
2024-08-22 13:48