SBI Crypto Hit by $21M Hack
Posted: Fri Oct 03, 2025 2:42 am
SBI Crypto, a subsidiary of Japan’s SBI Group, has fallen victim to a major hack resulting in the loss of around $21 million. The attack is suspected to be linked to North Korean hackers, raising serious concerns about the growing sophistication of state-sponsored cybercrime targeting the crypto industry.
The breach occurred when unauthorized transactions drained wallets containing multiple cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash. The stolen funds were quickly moved through a series of instant exchanges and eventually mixed to cover their trail, making recovery extremely difficult.
Blockchain security experts have noted strong similarities between this attack and previous operations associated with the Lazarus Group, a well-known North Korean cyber unit responsible for several high-profile crypto thefts. This incident highlights once again that even large, well-established companies remain vulnerable to coordinated cyberattacks.
The hack has also reignited debates about the role of crypto mixers and privacy tools, which, while useful for legitimate privacy, are frequently exploited by criminals to launder stolen funds. Regulators and security experts continue to push for stronger compliance measures, but the decentralized nature of crypto makes enforcement challenging.
For the broader crypto community, this is a reminder that no one is immune. Robust security systems, continuous monitoring, and rapid incident response plans are essential for any platform handling digital assets.
What’s your take — are these hacks becoming unavoidable, or should companies be doing more to stay ahead of attackers?
The breach occurred when unauthorized transactions drained wallets containing multiple cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash. The stolen funds were quickly moved through a series of instant exchanges and eventually mixed to cover their trail, making recovery extremely difficult.
Blockchain security experts have noted strong similarities between this attack and previous operations associated with the Lazarus Group, a well-known North Korean cyber unit responsible for several high-profile crypto thefts. This incident highlights once again that even large, well-established companies remain vulnerable to coordinated cyberattacks.
The hack has also reignited debates about the role of crypto mixers and privacy tools, which, while useful for legitimate privacy, are frequently exploited by criminals to launder stolen funds. Regulators and security experts continue to push for stronger compliance measures, but the decentralized nature of crypto makes enforcement challenging.
For the broader crypto community, this is a reminder that no one is immune. Robust security systems, continuous monitoring, and rapid incident response plans are essential for any platform handling digital assets.
What’s your take — are these hacks becoming unavoidable, or should companies be doing more to stay ahead of attackers?