Japan’s SBI Holdings Hit By $21M Crypto Hack

SBI Crypto breach raises suspicion of North Korean hackers

ZachXBT and CyversAlerts have uncovered a potential hack targeting SBI Crypto, a subsidiary of Japan’s financial giant SBI Holdings. An estimated $21 million was drained from the company’s mining operations and quickly routed through several exchanges and Tornado Cash.

Although SBI Holdings has not officially confirmed the losses, indicators strongly suggest this could be linked to North Korean hackers. Suspicious transactions across BTC, ETH, LTC, DOGE, and BCH point to a coordinated cyberattack.

$21 million stolen from SBI’s mining pool

Wallets associated with SBI Crypto recorded unusual transactions amounting to $21 million. The stolen funds were split across multiple exchanges and funneled into Tornado Cash — a mixer service frequently used by North Korean hackers to obscure stolen assets.

SBI Holdings has yet to confirm the incident

As one of Japan’s leading financial conglomerates, SBI Holdings has made major investments in digital assets, including Bitcoin ETFs and tokenized securities. However, the company has yet to issue an official statement. Some analysts speculate that SBI might frame the withdrawals as “suspicious transactions” rather than a hack, though this appears unlikely.

Rising wave of North Korean cyberattacks on crypto

In recent months, North Korean hacker groups have increasingly targeted high-value crypto infrastructure, from cross-chain bridges and swap wallets to staking platforms. If confirmed, the SBI Crypto breach would fit this broader pattern of bold, large-scale attacks.

Why North Korea targets high-value institutions

Cybersecurity reports suggest North Korea leverages stolen crypto to fund state programs. Traditional finance institutions entering the crypto space — like SBI — become lucrative targets due to their hybrid structure of old financial systems and new blockchain infrastructure.

Security risks for TradFi giants entering digital assets

This case highlights the growing cybersecurity risks for traditional financial (TradFi) corporations expanding into crypto. Blockchain security requires not only strong exchange defenses but also robust protection across mining operations, APIs, and third-party infrastructure.

Key lessons for traditional finance in crypto security

 - Real-time blockchain monitoring and anomaly detection

 - Strategic partnerships with specialized cybersecurity firms

 - Stronger audits of external APIs, partners, and mining systems

Conclusion

Until SBI Holdings or investigators release an official statement, the incident remains unverified. Still, the suspected $21 million breach serves as a sharp reminder that crypto-related cybercrime is evolving rapidly — and even the world’s most established financial institutions are not immune.

Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.