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FBI and Japan Link DMM Bitcoin $300 Million Hack to North Korean Group TraderTraitor

25 December 2024
in Crime, News
Reading Time: 3 mins read
106 6
Home News Crime

The U.S. Federal Bureau of Investigation (FBI) and Japan’s National Police Agency have confirmed that the North Korean hacking group TraderTraitor orchestrated the May 2024 hack of Japanese exchange DMM Bitcoin.

According to the FBI, the group is known for using “targeted social engineering” tactics in its cyber-attacks. The law enforcement agency claimed that the DMM Bitcoin’s breach matched their attack pattern.

The FBI reported that the breach, which led to the loss of 4,502.9 Bitcoin (approximately 48.2 billion yen or $305 million), started with a North Korean hacker posing as a LinkedIn recruiter. This hacker targeted an employee at Ginco, a company that provides wallet management services to DMM Bitcoin. Under the pretence of a pre-employment test, the hacker shared a malicious Python script via a link on GitHub. Once the victim copied this code to their own GitHub account, the hacker gained access to Ginco’s systems.

TraderTraitor then used the employee’s credentials to exploit Ginco’s unencrypted communication system. They manipulated a legitimate transaction request from DMM Bitcoin, thus resulting in the transfer of $305 million worth of Bitcoin to wallets they controlled.

The FBI, in collaboration with the U.S. Department of Defense Cyber Crime Center, led the investigation and vowed to continue combating North Korea’s illicit use of cybercrime and cryptocurrency theft to fund its regime.

Notably, the agency linked TraderTraitor to North Korea’s infamous Lazarus Group; it also stated it has been tracking its activities under multiple aliases like “Jade Sleet”, “UNC4899,” and “Slow Pisces.”

Meanwhile, SBI VC Trade, a division of Japan’s SBI Holdings, announced its acquisition of all customer accounts and assets from DMM Bitcoin earlier this month. The transfer, encompassing all customers denominated in cryptocurrencies and Japanese yen, is expected to conclude by March 2025. SBI VC Trade noted that it will also integrate 14 additional crypto trading pairs previously offered by DMM Bitcoin and ensure a smooth and customer-focused transition.

 

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Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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