Over $35 Million Laundered to the Online Marketplace Huione Guarantee from the Infamous $305 Million DMM Bitcoin Hack

Suspicions point to the Lazarus Group, known for sophisticated laundering techniques and off-chain indicators linked to similar cyberattacks.

A trail of laundered funds has led to the online marketplace Huione Guarantee, with over $35 million from the $305 million DMM Bitcoin hack being channeled through the platform as of July 2024.

Suspicions point to the involvement of the Lazarus Group, known for their advanced laundering techniques and off-chain indicators in cyberattacks.

Tether has taken action by blacklisting a wallet on Tron, containing 29.6 million USDT, which is suspected to be connected to Huione.

The wallet received approximately $14 million within a three-day period directly from the DMM Bitcoin hack.

The laundering process involves depositing the stolen BTC into a mixer to conceal its origin, followed by withdrawing the BTC from the mixer and bridging the funds from Bitcoin to other blockchains using services like THORChain or Threshold Avalanche bridge.

The laundered BTC is then swapped for USDT, often via platforms like SWFT, before being transferred to Huione for various transactions.

Huione has become a known hub for illicit funds in Southeast Asia, with merchants on the platform having conducted over $11 billion in transactions, according to a report by blockchain analytics firm Elliptic.

This raises concerns about the marketplace's ties to criminal activities, with past incidents like funds from the $31 million Fintoch investment fraud scheme being traced to the marketplace.

The involvement of the Lazarus Group and the flow of laundered funds through online marketplaces like Huione continue to highlight the challenges in regulating illicit financial activities in the digital realm.

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