• FBI confirms North Korean group TraderTraitor stole $305M in Bitcoin using social engineering tactics.

  • DMM Bitcoin breach linked to Lazarus Group, with hackers exploiting unencrypted communication systems.

  • SBI VC Trade to acquire DMM Bitcoin accounts, ensuring smooth transition by March 2025.

Japan’s National Police Agency and US Federal Bureau of Investigation have confirmed North Korea’s involvement in the May 2024 attack on Japan’s crypto exchange DMM Bitcoin. 

https://twitter.com/CashbackTrading/status/1871743652285784291

The attack, perpetrated by the North Korean hacking group TraderTraitor, led to the loss of 4,502.9 Bitcoin worth $305 million.  

Targeted Cyber Tactics  

The FBI reported that TraderTraitor used targeted social engineering tactics to breach DMM Bitcoin’s security. The hack began with a North Korean operative posing as a LinkedIn recruiter to target an employee at Ginco, a wallet management service provider for DMM Bitcoin. The operative shared a malicious Python script via a GitHub link, disguised as part of a pre-employment test.  

Once the employee copied the script to their GitHub account, the hackers accessed Ginco’s systems. They exploited the company’s unencrypted communication system to manipulate a legitimate transaction request from DMM Bitcoin. This resulted in the unauthorized transfer of Bitcoin to wallets controlled by the hackers.  

Links to Lazarus Group  

The FBI linked TraderTraitor to the Lazarus Group, a notorious North Korean hacking collective. The group operates under multiple aliases, including “Jade Sleet,” “UNC4899,” and “Slow Pisces.” 

The FBI, in collaboration with the U.S. Department of Defense Cyber Crime Center, continues to investigate and disrupt North Korea’s use of cybercrime to fund its regime.  

SBI VC Trade Steps In  

Earlier this month, SBI VC Trade, a division of SBI Holdings, announced plans to acquire all customer accounts and assets from DMM Bitcoin. This transfer includes accounts denominated in cryptocurrencies and Japanese yen. The acquisition will also integrate 14 additional trading pairs previously offered by DMM Bitcoin.  

The transition is expected to conclude by March 2025. SBI VC Trade emphasized its commitment to ensuring a smooth and customer-focused integration process.  

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