North Korean Hackers Stole Over $300 Million from DMM Bitcoin
The latest investigation shows that North Korean hackers known as the TraderTraitor group were behind the Bitcoin hack of Japanese cryptocurrency exchange DMM. TraderTraitor hackers reportedly have close ties to the notorious Lazarus group.
Back in May, the incident caused the exchange to lose 4,502 Bitcoins worth $308 million.
Hack that caused DMM Bitcoin to shut down
DMM Bitcoin vulnerability is one of them Biggest Cryptocurrency Hack of the Year. Heavy losses and failed retrieval efforts ultimately resulted in exchange closed earlier this month.
Initially, the attack was Ties to the notorious Lazarus GroupBut U.S. and Japanese officials now believe a more niche North Korean group, known as the Trader Traitor group, was behind the attack.
According to the FBI, hackers used Advanced Social Engineering Techniques Targeting Japanese Ginco crypto wallet company. In March, they posed as recruiters on LinkedIn and sent a malicious link disguised as a pre-employment test hosted on GitHub.
Unfortunately, a Ginco employee unknowingly executed code, compromising their GitHub account. The hackers then exploited the stolen information.
By May, they were infiltrating Ginco’s communications systems by posing as Ginco employees. This allowed them to manipulate legitimate transaction requests from DMM Bitcoin employees. As a result, the attacker transferred the stolen Bitcoin to wallet They took control.
Despite efforts to compensate users by purchasing alternative Bitcoins, the financial impact has proven difficult to overcome. Eventually, the company announced its closure and planned to transfer its accounts to SBI VC Trade by March 2025.
North Korea remains a persistent threat to the cryptocurrency industry
At the same time, the attack highlights the ongoing The threat of North Korean hacking Group. In 2024 alone, these gangs stole $1.34 billion in cryptocurrency, accounting for two-thirds of all cryptocurrency thefts worldwide.
July, Stolen funds were laundered Through Huiwang Guarantee Company Operating in Cambodia. According to Chainanalysis, the Cambodian company has firm Some hog slaughterhouses are estimated to be worth about $49 billion.
In December, Cambodia responded with a regulatory crackdown as the country Blocks access to 16 cryptocurrency exchanges. These include major platforms such as Binance, Coinbase and OKX.
“Cryptocurrency enthusiasts (hopefully) already know that Lazarus is one of the most common threat actors targeting the industry. They impact more people, companies, and protocols than anyone else. But it’s better to know exactly what they are. How to get in. Because another smart contract audit won’t save you.” Wrote Metamask Safety Expert Tyler Monahan.
Overall, the DMM Bitcoin breach is one of the largest cryptocurrency thefts in Japan, second only to the $530 million Coincheck hack in 2018.
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