North Korea-Linked Group SquidSquad Allegedly Steals $2.84 Million
The North Korea-linked group SquidSquad allegedly stole approximately $2.84 million from an institutional entity on the BNB Smart Chain on October 8, 2026. The stolen funds were moved via Tornado Cash and OTC platforms to evade detection.
SquidSquad allegedly stole $2.84 million from an institutional entity on BNB Smart Chain.
Funds were transferred via Tornado Cash and USDT from Ethereum to Tron.
Transfers likely aimed to evade potential Tether fund freezes.
Incident highlights ongoing security risks from state-sponsored hacking groups.
Story
On October 8, 2026, the North Korea-linked group SquidSquad allegedly stole approximately $2.84 million from an institutional entity on the BNB Smart Chain (BSC). According to ZachXBT's monitoring, the attackers became active on October 20, 2026, by depositing 1,111.2 ETH into Tornado Cash. The funds were then withdrawn to three addresses before being cross-chain transferred from Ethereum to Tron via USDT and aggregated into addresses with financial ties to previously identified North Korean actors. The funds then flowed through intermediate addresses to over-the-counter (OTC) platforms within minutes. ZachXBT believes these moves may have been aimed at evading potential Tether fund freezes. This incident underscores the persistent security risks and sophisticated methods employed by state-sponsored hacking groups within the crypto space, emphasizing the need for robust security measures and continuous efforts to track and mitigate such threats.
Issue context
The crypto market presents a mixed picture on October 21, 2026. Bitcoin has stabilized above the $82,000 mark, although trading activity remains subdued. While on-chain data indicates accumulation by wallets holding between 1 and 100,000 BTC, spot Bitcoin ETFs have recorded net withdrawals. This divergence suggests differing strategies among market participants. Macroeconomic uncertainties, particularly inflation fears and upcoming Federal Reserve decisions, contribute to caution. A sustained move above $83,000 is considered necessary for buyers to regain control. Simultaneously, significant developments in the altcoin sector and the regulatory environment continue to shape the market landscape.
The market is showing conflicting signals. While some large addresses are accumulating Bitcoin, institutional ETF investors are withdrawing capital. This indicates heightened uncertainty. Pay attention to macroeconomic factors and technical resistance levels. Your risk tolerance should reflect these complex dynamics.
Market pulse
ETH
$2.4K
+1.85% 24h / -3.02% 7d
Fear & Greed
63
Greed
BTC Funding
+0.0059%
20 perp markets · Open Interest $52.3B
BTC Open Interest
$52.3B
24h volume $66.2B · basis +0.036%
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This story is part of the Biturai Market Brief and is for informational purposes only. No investment advice.