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The US Federal Bureau of Investigation (FBI) and Japan’s National Police Agency have confirmed that the notorious North Korean hacking group TraderTraitor orchestrated the infamous DMM Bitcoin hack, resulting in a loss of 4,502.9 Bitcoin, valued at 48.2 billion yen ($305 million) at the time.
This significant breach targeted the Japanese crypto exchange in May 2024, causing massive financial damage to both the platform and its customers.
North Korean Cybercrime Under Scrutiny
According to the FBI, TraderTraitor’s activity reflects a pattern of North Korea’s state-sponsored cybercrime aimed at generating revenue for the regime.
“The FBI, National Police Agency of Japan, and other U.S. government and international partners will continue to expose and combat North Korea’s use of illicit activities—including cybercrime and cryptocurrency theft—to generate revenue for the regime,” stated the FBI.
TraderTraitor is reportedly linked to the infamous Lazarus Group, known for its sophisticated cyberattacks on financial institutions and crypto platforms.
The investigation was a joint effort by:
- FBI
- U.S. Department of Defense Cyber Crime Center
- National Police Agency of Japan
How the Hack Was Executed
TraderTraitor’s attack on DMM Bitcoin involved targeted social engineering tactics, leveraging the following methods:
- Posing as a LinkedIn Recruiter
A North Korean threat actor disguised as a recruiter contacted an employee of Ginco, a Japan-based crypto wallet software firm. - Malicious Python Script
The victim received a malicious Python script under the guise of a pre-employment test. The script was hosted on GitHub and later copied by the victim to their GitHub page, granting the hackers access. - Access to Wallet Management System
TraderTraitor gained access to Ginco’s unencrypted communications system, enabling them to manipulate legitimate transaction requests made by DMM Bitcoin employees. - Theft of Bitcoin
The attackers funneled the stolen $308 million worth of Bitcoin into wallets under their control.
DMM Bitcoin’s Fallout and Customer Asset Transfer
In the aftermath of the attack, DMM Bitcoin announced plans to wind down operations. The exchange is now working to transfer all customer assets to the SBI Group-managed crypto exchange, SBI VC Trade, ensuring that users’ holdings are safeguarded.
Global Efforts Against North Korean Cybercrime
The incident underscores the need for enhanced security measures in the crypto industry. The FBI and international agencies are ramping up efforts to combat North Korea’s use of cybercrime and cryptocurrency theft to fund its regime.
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