Japanese and U.S. authorities have linked North Korean cyber actors, the TraderTraitor group, to the theft of $308 million in cryptocurrency from DMM Bitcoin in May 2024.
TraderTraitor, active since 2020, employs sophisticated social engineering tactics to target Web3 companies, often using malware-infected applications and job-related scams. The group exploited Ginco, a Japanese crypto wallet company, to access DMM Bitcoin’s systems and steal 4,502.9 BTC.
Blockchain analysis confirmed the funds were laundered through mixing services and linked to HuiOne Guarantee, a Cambodian marketplace tied to prior cybercrimes.
Separately, another North Korean group, Andariel, has been deploying malware to target South Korean firms, highlighting the country’s growing reliance on cryptocurrency-focused cyberattacks for funding.
Earlier in 2024, the TraderTraitor group, tied to the Lazarus Group, was implicated in stealing $60 million from Alphapo, $37 million from CoinsPaid, and $100 million from Atomic Wallet.
These incidents follow prior breaches of blockchain bridges, including Harmony’s Horizon and Sky Mavis’ Ronin, also linked to Lazarus.
According to Chainalysis, cryptocurrency-related crime surged in 2024, with $2.2 billion stolen—a 20% increase from 2023—marking the fifth year in a decade when losses exceeded $1 billion. These hacks highlight the growing threat posed by North Korean cyber actors exploiting the crypto sector to fund state activities.
Image Credit: Pixabay
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