Crypto Hack News
Blockchain investigator ZachXBT reported Wednesday that addresses linked to SBI Crypto lost approximately $21 million on Sept. 24. The stolen funds included Bitcoin, Ethereum, LTC, Dogecoin and Bitcoin Cash, which were subsequently laundered through Tornado Cash.
The attack exhibits characteristics similar to other exploits connected to North Korean hackers. Stolen funds were routed through instant exchanges before being deposited into Tornado Cash, a decentralized mixing protocol designed to obscure transaction origins.
ZachXBT has established a reputation as one of the most prolific cryptocurrency investigators, identifying numerous instances of illicit fund movements. In June, the sleuth reported that Iranian cryptocurrency exchange Nobitex appeared compromised for over $80 million across Tron and EVM-compatible chains.
Tornado Cash has faced sustained scrutiny as a platform enabling hackers to launder stolen funds. The Treasury Department’s Office of Foreign Assets Control sanctioned the protocol in August 2022. Roman Storm faced charges in 2023 for conspiracy to commit money laundering and sanctions violations related to operating Tornado Cash.
Recent blockchain analyses reveal patterns suggesting North Korean-linked groups systematically target cryptocurrency exchanges. Funds typically flow through privacy-focused tools designed to hide transaction sources and evade detection.
International authorities have intensified oversight of mixing services following similar incidents. Court rulings lifted Tornado Cash sanctions earlier this year, though the platform remains central to money laundering investigations.
Investigations into comparable exchange breaches have uncovered connections between various attacks. Security experts warn of growing risks as state-affiliated actors increasingly exploit privacy tools to fund operations through stolen crypto assets. The coordinated nature of these exploits suggests sophisticated, well-resourced organizations are behind the attacks rather than isolated criminal activity.
