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🇸🇬 Singapore /Economy & Trade

North Korean hackers suspected of $382m crypto heist

From The Straits Times · (1d ago) English Critical tone

Summarized and contextualized by DistantNews.

TLDR

  • North Korean hackers are suspected of stealing nearly $300 million in cryptocurrency from online investment tool KelpDAO.
  • The incident, which occurred on April 18, is the largest crypto heist of 2026 so far and has been linked to North Korea's Lazarus Group.
  • Stolen cryptocurrency is a key funding source for North Korea's nuclear weapons program, according to a UN panel.

Seoul, South Korea – The specter of North Korea's cyber warfare capabilities has once again cast a shadow over the global cryptocurrency market. Reports emerging from the digital currency sphere indicate that a massive heist, netting nearly $300 million in crypto assets, is likely the work of the notorious Lazarus Group, a state-sponsored hacking collective operating under Pyongyang's direction.

On April 18, KelpDAO was exploited for approximately US$290 million.

— LayerZeroStatement from LayerZero confirming the cryptocurrency exploit.

This latest exploit, targeting the online investment tool KelpDAO, underscores the persistent threat posed by North Korea's sophisticated cybercrime operations. According to a United Nations panel, these illicit activities are crucial for financing the regime's pursuit of nuclear weapons, a fact that adds a chilling geopolitical dimension to the financial crime.

Preliminary indicators suggest attribution to a highly-sophisticated state actor, likely DPRK’s Lazarus Group.

— LayerZeroLayerZero's initial assessment of the perpetrator.

The compromise of two blockchain servers, identified as belonging to LayerZero, allowed for the draining of a token linked to the Ethereum currency. While the affected party, KelpDAO, confirmed the exploit, LayerZero assured users that there was no broader contagion to other cross-chain assets. Nevertheless, the incident serves as a stark reminder of the vulnerabilities inherent in the decentralized finance (DeFi) ecosystem.

there is zero contagion to any other cross-chain assets or applications

— LayerZeroLayerZero's assurance regarding the security of other assets.

Experts like Henri Arslanian, co-founder of Nine Blocks Capital Management, have pointed to the Lazarus Group's unique expertise and capabilities, stating that no other global group possesses the same level of skill and resources to conduct such a large-scale operation. This incident is not an isolated event; a UN panel estimated in 2024 that North Korea had amassed over $3 billion in cryptocurrency since 2017, and in 2025, the U.S. accused Pyongyang of being behind a $1.5 billion heist, then the largest in history. The ongoing success of these operations highlights the challenges faced by international authorities in curbing North Korea's illicit financial activities.

This will make it more scary for new entrants to enter the DeFi world.

— Henri ArslanianCo-founder of Nine Blocks Capital Management, commenting on the impact of the heist on DeFi.
DistantNews Editorial

Originally published by The Straits Times. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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