SBI Crypto Hacked: $21M Stolen, North Korean Links Suspected
SBI Crypto, a prominent Japanese cryptocurrency exchange and subsidiary of the large financial group SBI Holdings, has allegedly suffered a significant hack, resulting in a loss of approximately $21 million. The incident, which occurred on September 24, involved multiple cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash.
The hack is suspected to be linked to North Korea-affiliated hackers, who are known for their sophisticated cyber operations. In 2024, these groups were responsible for a record $1.34 billion in stolen funds from crypto platforms, accounting for 61% of all funds lost that year. Investigators, such as ZachXBT and Cyvers, have identified distinct on-chain patterns that suggest a connection to North Korean operatives. However, as of now, SBI Crypto has not issued a public statement confirming or denying the breach.
The stolen funds are believed to finance Pyongyang's nuclear and missile programs, making crypto crime a pressing international security concern. The hack is part of an ongoing, escalating campaign by North Korea-affiliated hackers, who have previously targeted other cryptocurrency exchanges. In 2025, the Lazarus Group, a North Korea hacking unit, was credited with hacking the exchange Bybit for over $1.5 billion.
The alleged hack of SBI Crypto is a serious incident that highlights the ongoing threat of state-sponsored cyber operations in the cryptocurrency sector. While investigations are ongoing, the involvement of North Korea-affiliated hackers is suspected. The stolen funds, if confirmed, would contribute to Pyongyang's illicit activities. SBI Crypto and relevant authorities are urged to provide updates on the situation as more information becomes available.
