$308 million DMM crypto heist solved?

-

Federal investigators have identified the North Korean hacker group known as “TraderTraitor” as the culprit behind the $308 million theft from the Japanese cryptocurrency exchange DMM Bitcoin back in May.

The Japanese job

Per a press release from the FBI, along with Japan’s National Police Agency and the Department of Defense Cyber Crime Center, the breach began in March when a hacker disguised as a recruiter sent a malicious link to an employee at Ginco, a partner company of DMM. This tactic allowed the hackers to gain access to sensitive systems.

Once inside, TraderTraitor impersonated the employee and intercepted legitimate transaction requests from DMM.

The result? 4,502.9 Bitcoin was stolen and quickly funneled into wallets controlled by the hacker group, which is believed to have ties to the North Korean government.

This heist is part of a larger trend of state-sponsored cybercrime aimed at funding North Korea’s activities.

Hackers never sleep?

This incident raises serious concerns about cybersecurity in the crypto industry, and law enforcement officials are emphasizing the need for better global cooperation to combat these types of threats.

The FBI has been tracking TraderTraitor since 2022, noting their increasing focus on blockchain-related attacks.

In August, PeckShield reported that wallets linked to these hackers moved around 850 BTC, worth over $54 million, to six different addresses in just one week.

Lotta breaches

As authorities continue their investigation, they’re urging everyone to be vigilant against suspicious messages and potential scams.

The DMM hack is just one of many incidents this year, in fact, Chainalysis reported that there were 303 security breaches in 2024 alone, resulting in losses totaling $2.2 billion across the crypto space.

Have you read it yet? Coinbase International hits a new high with $119 billion in weekly trading volume

LATEST POSTS

Trump’s meme token skyrockets 70% after VIP dinner invite

The $TRUMP token just pulled a stunt that sent its price jumping over 70%. Why? Because the former president’s throwing a fancy gala dinner for...

Memecoins are on fire, but Dogecoin losing its crown?

You ever see a pack of wild dogs fighting over a steak? That’s what the memecoin market looked like this week. Outta nowhere, boom, the...

Kuwait’s crypto crackdown is here, mining, trading, and dreaming are all off the table

If you thought Kuwait was about to roll out the red carpet for crypto miners and traders, you’re in for a rude awakening. The Ministry...

South Africans face new crypto transfer rules

Binance making moves in South Africa that’ll have every crypto hustler double-checking their paperwork. Starting April 30, Binance isn’t just asking for your name and...

Most Popular

Guest posts