Powerful blow: how hackers from North Korea stole $300 million from the Japanese exchange DMM

A drama reminiscent of a spy thriller is once again unfolding in the world of cryptocurrency. North Korean hackers dealt a powerful blow to the Japanese exchange DMM, stealing more than $ 300 million in Bitcoin. What happened and how will it affect the market?

How it all began

In May 2024, one of the largest attacks on the cryptocurrency exchange DMM took place. Hackers from the TraderTraitor group, linked to North Korea, used cunning social engineering tactics to penetrate the system.

The role of social engineering

“It was a classic LinkedIn recruiter disguise scheme,” – The FBI says.

The hackers contacted an employee of Japanese cryptocurrency wallet management company Ginco and sent him a malicious link under the guise of a pre-test task. This gave them access to the company's internal systems.

Audacious attack

In mid-May, the attackers gained access to Ginco's communication systems, which allowed them to manipulate transactions in favor of DMM. As a result, 4,502.9 Bitcoins were stolen, which at that time were valued at $308 million.

Market implications

This incident became one of the largest cryptocurrency crimes of the year. In 2024, the number of attacks on centralized financial structures increased by 1000%, which indicates the need to strengthen cybersecurity in the industry.

What's next?

The FBI, together with Japanese partners and international organizations, continues to investigate the activities of TraderTraitor. This attack highlights the importance of raising awareness of social engineering tactics among employees of cryptocurrency companies.