DMM Bitcoin Hack Funds Laundered Through Huione Guarantee
Recent reports have revealed that over $35 million in stolen funds from the infamous $305 million DMM Bitcoin hack have been laundered through Huione Guarantee, an online marketplace owned by the Cambodian conglomerate Huione Group. This platform, which is connected to the Cambodian ruling family, has become a key hub for illicit funds in Southeast Asia, attracting criminal organizations such as pig butchering gangs.
Blacklisting of Huione-Linked Wallet by Tether
Over the weekend, Tether, a stablecoin issuer, took action by blacklisting a wallet holding 29.6 million USDT on Tron, which was linked to Huione. It was discovered that approximately $14 million had been transferred into this wallet from the DMM Bitcoin hack within just three days. Suspicion has been raised regarding the involvement of North Korea’s Lazarus Group, known for employing similar laundering techniques and off-chain indicators in their attacks.
ZachXBT, a prominent on-chain investigator, has suggested that the laundering pathway may lead back to this notorious group, shedding light on the sophisticated methods used to disguise the origins of stolen funds.
Huione: A Hub for Crypto Scammers and Torture Equipment?
In a recent investigation, it was discovered that a significant amount of funds from a Fintech investment fraud scheme were channeled to Huione. This platform has come under scrutiny for its potential involvement in facilitating illegal activities.
The Use of Huione Guarantee by Crypto Scammers
Elliptic, a crypto tracing firm, has revealed that Huione Guarantee, a service that allows for peer-to-peer transactions using USDT on Telegram, is being exploited by crypto scammers. It is estimated that a large portion of the transactions on Huione Guarantee, which are primarily advertised in Chinese, are linked to illicit activities such as pig butchering operations.
Furthermore, Huione is said to offer products that enable scams, including equipment designed for the imprisonment and torture of individuals involved in such schemes.
The Dangers of Compounds
Many advertisements promote security products designed for compounds, such as tear gas, electric batons, and electronic shackles. These items are often portrayed as tools for controlling “runaway dogs,” a derogatory term used to refer to the workers living in these compounds.
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