$21M Crypto Heist Reportedly Hits SBI Subsidiary, Suspected North Korea Link

Blockchain investigator ZachXBT has flagged suspicious outflows tied to SBI Crypto, a subsidiary of Japan’s financial giant SBI Group.

On September 24, 2025, wallets linked to the company recorded unauthorized transfers worth an estimated $21 million.

Assets Drained And Laundered

The stolen funds included a mix of major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Bitcoin Cash (BCH). According to on-chain traces, the assets were swiftly routed through five instant exchanges before landing in Tornado Cash, the controversial crypto mixer sanctioned by the U.S. Treasury for enabling money laundering.

Cyberattack Resembles DPRK Tactics

ZachXBT, who posted his findings on Telegram, warned that the methods used mirrored previous state-sponsored cyber intrusions. Indicators such as exchange-hopping and immediate laundering through Tornado Cash resemble tactics attributed to North Korean hacking groups. This has fueled speculation that the heist may be another addition to Pyongyang’s growing list of crypto-linked operations.

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Growing Threat Of State-Backed Hacks

North Korea has repeatedly been accused of orchestrating multi-million-dollar cyber heists to bypass international sanctions and fund its weapons programs. If confirmed, this attack would add to the string of high-profile thefts linked to the country, further heightening concerns over the security of crypto infrastructure.
With $21 million siphoned in a matter of hours, the SBI Crypto case underscores the continuing vulnerabilities facing even established financial institutions operating in digital assets.

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