DWF Labs, a market-making firm active in crypto markets, has been linked to an alleged loss of $44 million in a hack that took place in September 2022.

According to on-chain investigators, the incident was not publicly disclosed by the firm at the time and only came to light after a detailed blockchain review.

DWF Labs: Alleged Attack And Method

Reports have disclosed that the attacker drained a wallet tied to DWF Labs and moved the funds through several on-chain steps.

The stolen holdings were mostly stablecoins — USDC and USDT — and were then converted into Bitcoin through the Ren bridge before being routed into a mixer called Mixero.

The pattern of transfers and the tools used are what led some analysts to suggest a link to the DPRK-associated AppleJeus group.

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