In July 2024, hackers laundered over $35 million from the $308 million DMM Bitcoin heist through a marketplace in Cambodia, as reported by blockchain investigator ZachXBT. The funds were transferred to Huione Guarantee, which is reportedly linked to Cambodia’s ruling Hun family.
Elliptic, a blockchain forensics firm, highlights that Huione has handled $11 billion in illicit crypto activities. ZachXBT suggests the Lazarus Group is behind the hack, noting similarities in laundering techniques. The stolen Bitcoin was sent to privacy mixers, converted to Ethereum or Avalanche, then to USDT, and finally transferred to Huione.
Tether intervened to blacklist a wallet address, stopping $28.2 million from being transferred. ZachXBT identified 538 wallet addresses related to the hack. The hack exploited a security flaw in DMM Bitcoin’s servers, leading to the massive theft.
Huione is a significant scam hub in Southeast Asia, operating as an escrow service for peer-to-peer transactions, primarily using USDT. These findings have prompted law enforcement and blockchain analysts to monitor and disrupt Huione’s operations.
The strategic importance lies in the need for enhanced security measures and international cooperation to combat crypto-related crimes.
