FBI Reveals North Korean Hackers Stole 305 Million Bitcoin The FBI reveals how North Korean hackers targeted a Japanese exchange and successfully stole 305 million in Bitcoin through a sophisticated cyberattack. A report detailing how North Korean criminals stole a staggering $305 million from the Japanese cryptocurrency exchange DMM earlier this year in May was released by the Federal Bureau of Investigation (FBI).
The FBI, DC3, and NPA released a report on the cyberattack that took 4,502.9 Bitcoin BTC$94 204. It was worth $305 million. North Korea-linked cybercriminal TraderTraitor was implicated by the FBI for the heist. The investigation agency also claimed that the organization used sophisticated social engineering attacks on business employees.
FBI Uncovers $300M Heist
North Korea’s threat actor impersonated a LinkedIn recruiter to target Ginco employees in March, according to the FBI. The hacker sent the employee Ma, who is leading the GitHub pre-employment exam, a link. The employee copied the code to their personal GitHub account, believing it was real, corrupting their system. By May, TraderTraitor hackers had hacked Ginco’s internal communications system by impersonating an employee and exploiting stolen data.
According to the FBI, this access allowed the attackers to manipulate a DMM employee’s lawful transaction request and steal over $300 million in Bitcoin. The hackers transferred the stolen funds to TraderTraitor accounts. The FBI will work with Japan’s National Police Agency (NPA) and other partners to find and stop North Korean hackers.
Crypto Hacks on the Rise
The DMM vulnerability, one of 2024’s greatest cyberattacks, was part of a yearlong string of security breaches. Chainalysis said on December 19 that 303 security incidents in 2024 caused $2.2 billion in damages. Web3 cybersecurity firm Cyvers found a 1,000% increase in these incidents yearly, highlighting the impact on the centralized finance (CeFi) industry.
These findings illustrate the growing hazards in centralized and decentralized banking infrastructures as cyber threats evolve. In 2024, KS was one of many security breaches. Chainalysis said on December 19 that 303 security incidents in 2024 cost up to $2.2 billion. The centralized finance (CeFi) industry saw a 1,000% year-over-year spike in events, according to Web3 cybersecurity firm Cyvers. These findings show that centralized and decentralized money platforms are more vulnerable as cyber threats advance.
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In Summary
The article describes a highly skilled cyberattack carried out in 2024 by the North Korean hacker collective TraderTraitor, which successfully stole over $300 million worth of Bitcoin from the Japanese cryptocurrency exchange DMM. According to the FBI’s investigation, the hackers gained illegal access to DMM’s internal networks by using social engineering techniques, such as posing as a LinkedIn recruiter and fooling staff members into running harmful malware.
This hack highlights the growing susceptibility of both centralized and decentralized financial platforms and is part of a larger trend of rising cyberattacks in the cryptocurrency industry. The National Police Agency (NPA) of Japan and the FBI collaborate to detect and disrupt North Korean hacking activities. This incident clearly warns of the growing dangers associated with cryptocurrencies and the necessity of stronger security measures to safeguard digital assets.
