- SBI Crypto allegedly lost $21 million in digital assets, with no disclosure made to its mining pool members.
- The loss involved Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), and Litecoin (LTC).
- Funds were traced to mixing services, with researchers noting similarities to Hacking methods linked to North Korea.
- SBI Crypto currently ranks as the sixth largest Bitcoin pool operator by hashrate for the last year.
- No official response or statement was provided by SBI Crypto about the incident at publication time.
SBI Crypto, a mining pool operated by Japanese conglomerate SBI Holdings, reportedly suffered a loss of $21 million in major cryptocurrencies last week. The company has not notified its mining pool members about this loss.
Investigator ZachXBT stated that bitcoin, ether, dogecoin, bitcoin cash, and litecoin were among the assets lost. According to blockchain activity, these funds moved through the coin mixer Tornado Cash and instant exchanges.
No public evidence indicates that SBI Crypto informed members about the missing funds. The company did not reply to requests for comment before the article was published. ZachXBT pointed out that the way these funds were moved resembled attacks linked to North Korea.
SBI Crypto has mined at least 692 Bitcoin blocks in the past year, making it the sixth largest mining pool by network hashrate. SBI Holdings, its parent company, claims over $200 billion in assets, including crypto and non-crypto businesses.
The company’s mining pool not only pays miners based on their contributed computing power (hashrate) but also provides loans and other financing options to pool members. It is not yet clear if the $21 million loss will affect miner payouts or other operations, as SBI Crypto‘s crypto wallets are used for several business purposes.
Losses at mining pools have impacted miners in the past, occasionally causing delays or failures in payment distribution. Past examples include BTC Guild, GHash, WeMineLTC, and 50BTC. SBI Holdings has other investments in the digital asset space, such as ChainLink-announce-strategic-partnership-to-accelerate-institutional-digital-asset-adoption-in-key-global-markets-302537166.html”>Ripple, Circle, and R3 Corda.
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