SBI Crypto Breached by North Korean Hackers and ₹175 Crore was Stolen in the Digital Heist
“SBI Crypto got in grave condition because of North Korean Hackers and was robbed of crores in the Digital Heist.”
The mining division of Japan’s SBI Group, SBI Crypto, was the subject of a highly skilled cyberattack that rocked the digital asset market. According to investigators, hackers associated with North Korea’s Lazarus Group stole cryptocurrency valued at around ₹175 crore, signaling a significant change in the regime’s cyber activities.
An Intentional Attack on Mining Facilities
Multiple assets, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash, were taken out of wallets connected to SBI Crypto’s mining pool by the breach, which was discovered in September.
Security Analysts, Blockchain
| Cross-chain bridges and Tornado Cash were used to swiftly transfer the stolen money, making recovery and detection all but impossible. The laundering methods were similar to those used in earlier Lazarus operations. |
Cybersecurity Consultant
| “This hack was not a haphazard one. It was a calculated attack on the foundation of the cryptocurrency industry.” |
Why Are Mining Pools Currently the Most Targeted?
Thousands of miners work together in mining pools, which also disburse prizes. However, they are a high-value single point of failure because of this concentration.
Attackers can quickly reroute rewards, change block templates, or interfere with network functions if they have administrative access. Security specialists caution that mining pools are frequently left vulnerable by antiquated software and inadequate authentication procedures.
Lazarus Group’s Changing Strategy
The Lazarus Group, which has long been charged with state-sponsored cyber theft, usually targets custodial wallets and centralized exchanges. However, following the February Bybit attack, which cost ₹12,500 crore, analysts have noticed a shift towards breaches at the infrastructure level.
According to investigations, North Korea might now have specialist cyber units that attack wallets, exchanges, and mining infrastructure.
Geopolitical Stakes
For Pyongyang, the motives are clear:
- Revenue Generation funds its weapons program and circumvents restrictions by converting stolen cryptocurrency into hard currency.
- Critical digital infrastructure around the world can be destabilized by strategic disruption.
Regional Cyber Analyst
| “This has as much to do with money as it does with geopolitics.” |
Professional Analysis
| Professor Triveni Singh, a cybercrime specialist and former IPS officer, emphasized the wider ramifications:
“A risky tendency is highlighted by the SBI Crypto hack: attackers are no longer limited to exchanges. These days, they are targeting the foundation of blockchain technology.
Although the ₹175 crore financial loss is noteworthy, the greater danger is the erosion of confidence in international crypto systems. To combat this changing tide of attacks, businesses need to implement multi-layered security, AI-driven monitoring, and worldwide intelligence sharing.” |
The Bigger Takeaway
A worrisome maturity in state-sponsored cyber operations is indicated by the SBI Crypto theft. Lazarus has broadened the battleground by moving from exchanges to the core infrastructure of blockchain networks.
Can the crypto ecosystem safeguard not just its money but also the infrastructure that supports it? This is a critical topic for the industry and policymakers.
About The Author
Suraj Koli is a content specialist in technical writing about cybersecurity & information security. He has written many amazing articles related to cybersecurity concepts, with the latest trends in cyber awareness and ethical hacking. Find out more about “Him.”
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