What happened? SBI Crypto was hacked for about $21 million and the funds were routed through exchanges and Tornado Cash.
Blockchain analysts spotted suspicious outflows on September 24, 2025, showing multiple company-linked wallets drained of Bitcoin, Ethereum, Litecoin, Dogecoin and Bitcoin Cash. The stolen funds were funneled through five instant exchanges and then into Tornado Cash, a mixer tied to laundering operations. Investigators say the methods match previous DPRK/Lazarus Group activity, and SBI Crypto has not yet publicly confirmed the incident.
Who does this affect? Customers, exchanges, projects and anyone who trusts crypto platforms are at risk from these kinds of attacks.
SBI Crypto and its parent SBI Group face direct financial and reputational damage, and pool users or miners could see exposure or service disruption. Other exchanges, custodians and DeFi projects that interact with compromised addresses may face extra scrutiny, frozen funds or losses. Developers, recruiters and hiring platforms are also affected because North Korean actors use fake identities and malware to infiltrate teams and steal access.
Why does this matter? It increases regulatory pressure, market volatility and the cost of doing business in crypto.
Markets may react with short-term selling and volatility for assets tied to the theft and for broader crypto sentiment, weighing on prices. Expect tighter KYC/AML enforcement, renewed crackdowns on mixers like Tornado Cash, and higher compliance and legal costs for exchanges and projects. Overall investor trust could weaken, insurance premiums and operational expenses could rise, and onboarding for legitimate teams may slow as background checks intensify.