Cybersecurity/Finance
North Korea Allegedly Behind $305 Million DMM Crypto Exchange Hack
Authorities in Japan and the U.S. have linked the $305 million theft at DMM exchange to North Korean hackers known for their social engineering tactics.
1 min read
Summary
Japanese police and U.S. agencies have determined that the $305 million hack of the DMM crypto exchange in May 2024 was executed by hackers connected to North Korea. The attack, attributed to a group known for using social engineering, targeted an employee of a crypto wallet firm.
Details
- The hackers stole over 4,500 BTC from the exchange, which has now had to cease operations.
- They gained access through social engineering techniques, using a fake job recruitment situation to insert malicious code.
- The code led to unauthorized access to the communications system of the targeted company, Ginco, ultimately enabling the breach at DMM.
Background
North Korea has been a significant player in crypto crime, accounting for over half of the stolen crypto value in 2024, with incidents totaling $1.34 billion.
