Discover How Stolen Funds From DMM Bitcoin Hack Are Being Laundered Through Huione Guarantee
Learn about the shocking revelation of over $35 million in stolen funds from the notorious $305 million DMM Bitcoin hack being laundered through Huione Guarantee, an online marketplace associated with the Cambodian conglomerate Huione Group. Uncover the details of how this platform, connected to the Cambodian ruling family, has become a central point for illegal funds in Southeast Asia, often used by criminal organizations, including pig butchering gangs.
Insights into DMM Hack Funds Flowing Through Huione Guarantee
Recent events saw stablecoin issuer Tether taking swift action by blacklisting a wallet containing 29.6 million USDT on Tron, linked to Huione. Analysis by on-chain detective ZachXBT revealed that approximately $14 million from the DMM Bitcoin hack made its way into this particular wallet within just three days, raising suspicions about the involvement of North Korea’s Lazarus Group, known for similar money laundering tactics and off-chain signals.
- Deposit of Bitcoin from the hack into a mixer
- Withdrawal of tokens
- Bridging of funds to Ethereum or Avalanche via THORChain, Threshold, and the Avalanche bridge
- Swapping for USDT and bridging to Tron via SWFT before transfer to Huione
ZachXBT also highlighted that Huione received millions from the $31 million Fintech investment fraud scheme, further implicating the platform in illicit activities.
Huione: A Hotbed for Crypto Scammers and Dubious Products
Recent findings from crypto tracking agency Elliptic revealed the extensive use of Huione Guarantee as a deposit and escrow service for peer-to-peer transactions, facilitating the buying and selling of goods over Telegram using the popular stablecoin USDT. The platform, predominantly advertised in Chinese, is believed to predominantly support pig slaughtering operations.
- Majority of transactions facilitate pig butchering operations
- Offers scam-enabling products like torture equipment
- Advertisements include tear gas, electric batons, and electronic shackles
- References controlling “runaway dogs” – workers in scam compounds
The marketplace’s advertisements also promote various scam-enabling products, including equipment used to imprison and torture workers in scam facilities. Items such as tear gas, electronic batons, and electronic shackles are frequently listed, with mentions of controlling “runaway dogs,” referring derogatorily to the laborers in these exploitative setups.
Discover the Intriguing World of Illicit Fund Laundering Through Huione Guarantee
Uncover the complex web of illicit activities and money laundering schemes that have surfaced through the use of Huione Guarantee, shedding light on the role played by this platform in facilitating criminal activities and enabling the flow of illegal funds. Stay informed about the latest developments surrounding the DMM Bitcoin hack and its connection to Huione, showcasing the ongoing battle against financial crime and the challenges faced in combating such activities within the crypto space.
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