SBI Crypto
Summary
SBI Crypto is a cryptocurrency mining subsidiary of Japan's SBI Holdings, operating one of the top Bitcoin mining pools globally and offering related infrastructure services. On September 24, 2025, addresses linked to the company saw approximately $21–24 million in suspicious outflows across five cryptocurrencies; blockchain investigator ZachXBT and security firm Cyvers identified laundering patterns consistent with DPRK-affiliated Lazarus Group operations. SBI Group did not proactively disclose the breach and provided only minimal confirmation after independent researchers surfaced the incident publicly.
Connected Entities
1 entities- + 2 more
Timeline(12 events)
2017-09-01
SBI Virtual Currencies (operating VCTRADE) receives FSA registration as a cryptocurrency exchange, among the first eleven licensed in Japan.
2019-10-01
SBI Crypto signs Hosting Service Agreement with Whinstone US (Rockdale, Texas) for large-scale Bitcoin mining operations.
2021-03-19
SBI Crypto opens its Bitcoin mining pool to the general public, ranking 11th globally at launch.
2023-04-01
SBI Crypto files lawsuit against Whinstone US (owned by Riot Platforms) alleging fraud, negligent bailment, and breach of contract, seeking over $225 million.
2025-03-01
SBI Holdings absorbs DMM Bitcoin customers after DMM Bitcoin's collapse following a $308 million hack attributed to Lazarus Group.
2025-09-11
SBI Holdings and Zodia Custody (Standard Chartered-backed) announce dissolution of their SBI Zodia Custody joint venture before FSA application was filed.
2025-09-24
Approximately $21–24 million in cryptocurrency (BTC, ETH, LTC, DOGE, BCH) drained from SBI Crypto mining pool addresses in what ZachXBT later described as bearing DPRK Lazarus Group indicators.
2025-10-01
ZachXBT and Cyvers publicly surface the SBI Crypto breach. Stolen funds traced through SideShift, FixedFloat, OpenOcean, and Tornado Cash (924 ETH across 15 transactions). SBI Group does not respond to CoinDesk or Protos for comment.
2025-10-02
SBI Group issues a minimal statement confirming 'unauthorized outflow of crypto assets,' stating the impact on 'consolidated results would be minor' without completing a damage assessment.
Decision Log
- hash: HQKF3PUJj7uWbuYULQ37PFrKhz6wPXVX25cSUvGkXGwU
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet
generated: 5/4/2026, 2:54:20 AM
last updated: 5/26/2026, 4:11:12 AM
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