- $21M moved from SBI Crypto wallets to Tornado Cash
- ZachXBT suspects North Korean hacker group
- SBI Crypto is Japan’s largest crypto firm
Blockchain investigator ZachXBT has uncovered a suspicious transaction involving approximately $21 million in cryptocurrency. The funds originated from wallet addresses tied to SBI Crypto, a subsidiary of Japan’s largest crypto conglomerate, SBI Holdings, and were funneled into Tornado Cash, a notorious crypto mixing service.
The use of Tornado Cash immediately raised red flags, as it’s commonly used to obscure the trail of illicit funds. This method is often associated with state-sponsored hackers, particularly those from North Korea.
North Korean Hackers Under Scrutiny Again
ZachXBT’s analysis suggests that the breach may be the work of North Korean hacker groups, who have become infamous for targeting crypto companies to fund the regime’s activities. These actors have repeatedly used mixers like Tornado Cash to hide the origin of stolen funds.
The $21 million siphoned off from SBI Crypto now joins a growing list of blockchain-based thefts attributed to North Korea, which has stolen over $2 billion in crypto over recent years, according to multiple reports.
While SBI Crypto has yet to issue an official statement, the movement of such large amounts from wallets associated with them is deeply concerning. If confirmed, this incident could rank among the largest crypto thefts involving Japanese firms.
Implications for Japan’s Crypto Ecosystem
This suspected SBI Crypto hack not only puts a spotlight on cybersecurity vulnerabilities but also signals a warning to other centralized crypto firms. Japan has one of the most regulated crypto markets, yet even its largest players are not immune.
The case underscores the urgent need for tighter on-chain monitoring, stronger wallet security practices, and international cooperation in tracking stolen digital assets.
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