As a seasoned financial analyst with extensive experience in cryptocurrencies and blockchain forensics, I find the recent developments surrounding Tether’s blacklisting of a wallet connected to Huione Guarantee deeply concerning. The allegations of money laundering and ties to criminal activities are not new to this marketplace, but the scale and severity of the current situation are alarming.
As an analyst, I’ve discovered that over the weekend, a wallet associated with Huione Guarantee, a Cambodian marketplace under scrutiny, was blacklisted by Tether for holding approximately $29.6 million in USDT stablecoins. The connection between this marketplace and an alleged multi-billion dollar online scam economy is being investigated further, as reported by on-chain investigator ZachXBT.
As a researcher, I’ve come across an interesting finding over the weekend. Tether, the stablecoin issuer, reportedly blacklisted a wallet on the Tron network that contained approximately 29.6 million USDT, which is connected to Huione. It’s important to note that this action was taken following a significant transaction history.
— ZachXBT (@zachxbt) July 14, 2024
Approximately $14 million from the confiscated funds is believed to be connected to the hacking incident at DMM Bitcoin, a Japanese crypto exchange. In late June, this platform reportedly suffered a significant loss of around $300 million due to an unauthorized transfer of funds. According to ZachXBT’s assertions, approximately $35 million from this security breach has been laundered through Huione Guarantee.
Suspicion of Lazarus Group
The cybersecurity firm Lazarus Group, recognized for its expertise in breaching cryptocurrency systems, is under suspicion for orchestrating the DMM Bitcoin heist. The laundering methods and clues from off-chain transactions exhibit striking resemblances to those employed by Lazarus Group. ZachXBT elucidated the money trail, describing how funds were shifted from Bitcoin to Ethereum or Avalanche, followed by swapping for USDT and using bridges to Tron before being transferred to Huione.
Ties to Criminal Activities
Expert: A week ago, Elliptic, a blockchain analysis firm, disclosed that Huione Pay, which is connected to Huione Guarantee, received over $150,000 in cryptocurrency from a wallet associated with Lazarus. The report uncovered that several merchants under the Huione umbrella have been marketing suspicious activities, such as money laundering.
Over a three-year period, the company identified transactions totaling $11 billion, with a significant portion believed to be derived from online scams such as “pig butchering” and crypto schemes. According to ZachXBT’s findings, a substantial amount of the $31 million stolen in the Fintoch investment fraud case was routed to Huione.
The ongoing clampdown underscores continuous actions aimed at curbing money laundering and illicit activities within the cryptocurrency sector.
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2024-07-15 22:13