Cambodian Payments Firm Helped Lazarus Group Launder $150,000 in Stolen Crypto
Cambodian currency exchange and payments company Huione Pay has been implicated in laundering over $150,000 in cryptocurrency stolen by the notorious North Korean hacking group Lazarus.
According to a Reuters report on Monday, the Phnom Penh-based company received the illicit funds between June last year and February this year, as revealed by blockchain data.
The stolen cryptocurrency was linked to hacks of three crypto firms conducted by Lazarus in June and July last year.
Huione Pay, in a statement, claimed it was unaware of receiving funds indirectly from the hacks.
CAMBODIA: It’s been a bad week for Huione, now @_tom_wilson_ for Reuters reports Huione received $150k+ from digital wallet used by North Korean hacking outfit Lazarus. Funds wre traced to a much larger theft of $160m from 3 crypto firms last year. 1/7 https://t.co/caFgORafMv
— CyberScamMonitor (@CyberScamWatch) July 15, 2024
Meanwhile, the National Bank of Cambodia (NBC) told Reuters that payments firms in the country are prohibited from dealing in cryptocurrencies and digital assets.
The ban, imposed in 2018, aims to mitigate risks associated with the volatility of cryptocurrencies, cybercrime, and the potential for money laundering and financing of terrorism.
The NBC indicated it might take corrective action against Huione Pay, though it did not specify any planned measures.
Despite the anonymity of cryptocurrency transactions, the blockchain’s public ledger allows tracking of movements from wallet to wallet.
U.S.-based blockchain analysis firm TRM Labs reported that Huione Pay was among several payment platforms and over-the-counter (OTC) brokers that received the majority of crypto stolen in the Atomic Wallet hack.
OTC brokers facilitate private crypto
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