On September 24, 2025, SBI Crypto, the cryptocurrency arm of Japan's major financial group SBI Holdings, suffered a significant security breach resulting in the theft of approximately $21 million in digital assets. The hack targeted multiple cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Bitcoin Cash (BCH).
According to investigations by crypto sleuth ZachXBT and blockchain security firm Cyvers, the stolen funds were swiftly moved through five instant exchanges and then deposited into the sanctioned mixer Tornado Cash to obscure the trail. ZachXBT noted via Telegram that the laundering methods share "several indicators" with past operations linked to North Korean hacking groups, such as the Lazarus Group, suggesting state-sponsored involvement.
SBI Holdings, a prominent Japanese financial services group that has been expanding its crypto offerings like Bitcoin ETFs and tokenized stocks, has not publicly acknowledged the breach as of the report. This incident aligns with a broader trend of escalating North Korean crypto attacks, which stole a record $1.34 billion in 2024 and included a $1.5 billion hack on Bybit in 2025, highlighting persistent vulnerabilities in the crypto ecosystem despite institutional backing.
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