- The FBI unveiled a major crypto hacking scam resulting in over $308 million lost from DMM Bitcoin.
- The attack was orchestrated by a North Korean group known as “TraderTraitor”.
- Hackers used LinkedIn to target a Ginco employee, leading to the theft.
The FBI recently unveiled a major crypto hacking scam that resulted in millions of dollars lost. This incident targeting the Japanese crypto firm DMM Bitcoin, resulted in a theft of over $308 million.
Moreover, the attack is said to have been done by a North Korean group of cyber criminals known as “TraderTraitor”. The Bureau is partnering with the Cyber Crime Defense Center (DC3), as well as Japan’s National Police.
It was later revealed that the hackers used LinkedIn to target the victim, an employee of Ginco, one of the leading crypto wallet firms in Japan. The attack appears to have been meticulously orchestrated as this specific employee was among the few who had access to the company’s wallet management system.
Ginco is a Web3 development platform that provides security services to the Japanese crypto exchange DMM. After successfully targeting Ginco’s employees via LinkedIn, the North Korean attackers were able to steal upwards of a quarter billion dollars from the platform.
This development highlights once again the fact that most cybersecurity attacks on cryptocurrencies happened from North Korean actors. Only this year, North Korean hackers were responsible for around $1.3 billion stolen—or about half of all funds the crypto industry lost in 2024.
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