Home » Ecosystem » SBI Crypto loses $21M as funds laundered through Tornado Cash by suspected North Korean hackers
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Experts warn of growing risks as state-linked hackers increasingly exploit privacy tools to evade detection and fund illicit activities.
Key Takeaways
- SBI Crypto, the Bitcoin mining arm of Japan’s SBI Group, lost $21 million in a hack.
- Suspected North Korean hackers are behind the breach and laundering of funds.
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SBI Crypto, a Japan-headquartered Bitcoin mining pool under SBI Group, lost $21 million to suspected North Korean hackers who laundered the stolen funds through Tornado Cash, according to blockchain investigator ZachXBT.
The outflows from SBI Crypto-linked wallets were routed through instant exchanges before being deposited into Tornado Cash, a decentralized mixing protocol that obscures transaction origins.
Recent blockchain analyses reveal a pattern of suspected North Korean-linked groups targeting cryptocurrency exchanges, with funds typically channeled through privacy-focused tools to hide their source.
International authorities have intensified scrutiny on mixing services following similar incidents.
Tornado Cash previously faced sanctions designed to curb its use in illicit finance operations. However, its sanctions were lifted earlier this year after a US court ruling.
Investigations into comparable exchange breaches have uncovered connections between various attacks, suggesting coordinated efforts by state-affiliated actors to fund operations through stolen crypto assets.
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