Hackers move 500 Bitcoins from DMM heist amid ongoing investigation
Hackers linked to the DMM Bitcoin hack have moved 500 BTC (CRYPTO:BTC), valued at approximately $30.4 million, to new addresses.
The cryptocurrency address associated with the May 2024 hack, which resulted in the theft of 4,502.9 BTC (worth around $305 million at the time), is reportedly responsible for this latest transaction.
The stolen funds, now valued at just over $274 million, have been tracked by blockchain security firm PeckShield.
On August 22, PeckShield Alert revealed that the suspect address had split the 500 BTC into two separate addresses, each receiving around 250 BTC.
This maneuver is consistent with previous tactics used by the hackers, who have been moving the stolen Bitcoin in smaller batches to avoid detection and complicate tracking efforts.
The DMM Bitcoin hack has been one of the largest cryptocurrency thefts in 2024.
Following the attack, DMM Bitcoin raised $320 million to reimburse affected users, although the exchange has since halted all spot trading and warned that withdrawals in Japanese yen may be delayed.
Blockchain investigator ZachXBT has attributed the hack to the Lazarus Group, a notorious hacking organisation believed to be linked to North Korea.
The group is known for its sophisticated methods of laundering stolen funds, which typically involve transferring the cryptocurrency to privacy mixers, bridging it to other blockchains like Ethereum and Avalanche, and eventually converting it to Tether.
In July, ZachXBT reported that approximately $35 million worth of Bitcoin was transferred to the Cambodia-based exchange Huione Guarantee, which has been accused of facilitating money laundering for various crypto-related crimes.
The latest movement of funds from the DMM hack further underscores the challenges faced by authorities in tracking and recovering stolen assets.
This incident is part of a broader trend of increasing cryptocurrency thefts in 2024.
Before the DMM Bitcoin hack, over $473 million had already been stolen in various crypto-related incidents.
At the time of writing, the Bitcoin (BTC) price was $64,319.10.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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