SBI Crypto Faces Suspected State-Sponsored Hack
SBI Crypto, a major exchange, may have lost $21 million in a suspected state-sponsored attack. Online investigator ZachXBT, with help from Cyvers, traced the theft to wallets linked to previous North Korean campaigns.
On September 24, addresses tied to SBI VC Trade Co., Ltd., the entity behind SBI crypto, were drained of about $21 million in various cryptocurrencies. The stolen assets included Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash. Investigators found that the funds were quickly moved through five instant exchanges and then into Tornado Cash, a crypto mixer known for obfuscating transactions.
The laundering methods used in this heist share similarities with those employed by North Korean hacking groups like the lazarus Group. These patterns suggest a possible link to state-sponsored cybercrime.
SBI Crypto has not officially confirmed the breach, leaving clients and the market in the dark. However, the exchange’s connection to the SBI Group, a large Japanese financial institution, makes this incident particularly concerning.
North Korea has a history of crypto theft. In 2024, they stole over $1.34 billion from crypto platforms. The stolen funds are believed to fund their nuclear and missile programs, turning crypto crime into an international security issue.
As of now, SBI Crypto remains silent. Whether they confirm the breach or not,the evidence points to another coordinated strike in a global campaign that shows no signs of slowing down.
