Japanese Subsidiary SBI Crypto Loses $21M to Malicious Actors: ZachXBT

SBI Crypto, the mining-pool arm of publicly traded SBI Group, is the latest victim in a string of high-value crypto drain incidents. According to blockchain investigator ZachXBT, the hack occurred on September 24, 2025, resulting in the loss of approximately $21 million. 

Funds Routed Through Tornado Cash

Per the report, the stolen funds, which include  Bitcoin, Ether, Litecoin, Dogecoin and Bitcoin Cash, were routed through five “instant exchanges.” These are services that enable people to exchange one coin for another quickly. 

The funds were then deposited into Tornado Cash, a mixer that obscures the origin of transactions, making it difficult to trace. Hackers often use Tornado Cash to conceal stolen funds, making it a central focus of regulatory debates over money laundering.

Meanwhile, ZachXBT noted that this hack closely resembles previous incidents linked to North Korean groups. These groups have a history of targeting crypto platforms and stealing large sums. They often move the assets through mixing services to cover their tracks.

Investors Await SBI Response

So far, SBI Group and SBI Crypto have not made a public announcement about the incident. This lack of disclosure has raised questions for investors and customers, since SBI Group is a publicly traded company in Japan. Observers are waiting to see if the company confirms the theft, explains how it happened, and details its next steps.

The incident comes at a time when the broader crypto market is performing relatively well. Bitcoin is trading in the six-figure range, and Ethereum continues to hold in the low thousands. While a $21 million loss is significant, it has not had a noticeable impact on overall market prices. Instead, attention is focused on how SBI Group will respond and whether exchanges that received the stolen funds will cooperate with investigators.

Furthermore, the SBI Crypto case serves as another reminder that even major, established firms can be vulnerable to sophisticated cyberattacks. Earlier this year, hackers stole more than $1 billion in assets from crypto exchange Bybit in a massive breach. The incident rattled investor confidence and sent shockwaves through the broader market.