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FBI and Japanese Police Confirm North Korean Hack of DMM Bitcoin
In a recent announcement, the Federal Bureau of Investigation (FBI) and Japan’s National Police Agency have jointly confirmed that the notorious North Korean hacking group, TraderTraitor, was behind the massive hack on Japan’s crypto exchange platform, DMM Bitcoin.
The hack, which occurred in May 2024, resulted in the theft of approximately $305 million worth of Bitcoin. According to a statement released by the FBI, the criminals employed sophisticated social engineering tactics to breach the security of the Japanese platform.
It appears that TraderTraitor exploited an unencrypted communication system within Ginco, a wallet management service provider for DMM Bitcoin. The hackers then manipulated a legitimate transaction request from DMM Bitcoin, effectively allowing them to transfer Bitcoin funds to wallets controlled by the cybercriminals.
The FBI has linked TraderTraitor to the notorious Lazarus Group, known for their malicious activities in the crypto space. As part of an ongoing investigation, the US Department of Defense Cyber Crime Center is working closely with international law enforcement agencies to disrupt North Korea’s use of cybercrime as a means of financing its regime.
In related news, SBI VC Trade has announced that it will acquire all customer accounts and assets from DMM Bitcoin, including those denominated in cryptocurrencies and Japanese yen. The acquisition aims to revitalize the platform and restore investor confidence.
Source: cryptonewsland.com
