In a staggering cyber breach, approximately $21 million worth of cryptocurrency was stolen from the digital wallets of SBI Crypto, one of Japan's leading cryptocurrency mining companies. The incident, reported by Japan's prominent business daily Nikkei on October 2, suggests possible involvement of North Korean hacking organizations, raising alarms over international crypto security.

SBI Crypto, a subsidiary of the Japanese financial conglomerate SBI Holdings and a major Bitcoin mining player, confirmed that a significant portion of the cryptocurrencies it managed were illicitly transferred out of its electronic wallet. The company disclosed it is conducting a comprehensive investigation into the cause and mechanics of the unauthorized outflow.

Investigators and media reports indicate that traces of the stolen asset movement pointed towards services commonly used for laundering funds, a hallmark strategy of North Korean cyber units. According to Nikkei, the total loss is estimated at $21 million, with authorities and cyber experts openly suspecting participation by a North Korean state-backed hacker collective.

Among the prime suspects is the Lazarus Group, North Korea's infamous cyber unit, well-known for its high-profile attacks on cryptocurrency exchanges and finance-related institutions worldwide. Earlier this year, Lazarus was held responsible for a major attack on the cryptocurrency platform Bybit, further cementing its role as a serious threat within the global crypto ecosystem.

Recent studies have revealed a direct consequence of these cybercrimes: North Korea now ranks as the third-largest holder of Bitcoin in the world, mainly due to its aggressive hacking activity targeting digital finance infrastructures abroad.

As investigations continue, the incident has reignited conversations on the urgent need for international collaboration to bolster safeguards against escalating crypto-crimes from state actors and their proxies.

Note “This article was translated from the original Korean version using AI assistance, and subsequently edited by a native-speaking journalist.”

Photo=Reuters/Yonhap News