Japan-based Crypto Businesses Warned of Possible Cyberattack Threat

Crypto companies in Japan asked to defend against hacks from North Korea’s Lazarus group

article-image

Tokyo, Japan; Source: Shutterstock

share
  • Lazarus is most likely targeting Japanese crypto operators through cyberattacks, authorities say
  • Crypto businesses urged to caution against phishing attacks and social engineering

North Korean hacking group Lazarus plotting phishing and social engineering attacks against crypto businesses, authorities in Japan have warned.

Local police, Japan’s financial regulator and the National Center of Incident Readiness and Strategy warned local crypto businesses in a recent advisory statement about further hacking attempts. They also laid out preventive measures to monitor breaches.

Since Lazarus is state-sponsored, it is believed proceeds from the hacks may go toward North Korea’s nuclear weapons program. The group has also been associated with using crypto mixer Tornado Cash, recently sanctioned by the US Treasury, to conceal the origin of stolen funds.

The authorities didn’t mention which crypto businesses were targeted by Lazarus, but warned that security measures such as improved private key management are warranted.

They asked both individuals and companies to implement countermeasures such as ensuring the origin of downloaded files is a trusted source, interfaces to web applications are legitimate and private keys are stored offline, such as on a hardware wallet.

Lazarus is believed to have stolen more than $1.75 billion worth of cryptoassets since its formation in 2009, Chainalysis found last year. The group has been behind several crypto exchange hacks, including the theft of $49 million worth of crypto from Upbit in 2019.

After several companies had their internal systems hacked and crypto stolen, police reportedly launched an investigation within a special investigation unit. They eventually found Lazarus to be the culprit.

A local report by Japan News states it isn’t usual to name a suspected attacker before a more substantial action like an arrest, but that publicly naming the group is also viewed as an effective move to preempt attacks, as it could prompt people to take action and remain vigilant.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (27).png

Research

Solana's spot trading landscape will remain bifurcated: prop AMMs will own the short-tail of highly liquid pairs, while passive AMMs continue drifting toward the long-tail. Both can win via vertical integration, but in opposite directions: passive AMMs are moving closer to users through token issuance platforms (e.g., Pump-PumpSwap, MetaDAO-Futarchy AMM), while prop AMMs are moving down the stack into transaction landing services and infrastructure (e.g., HumidiFi-Nozomi). The venues most at risk are legacy AMMs with limited end-user control and no durable, launch-driven source of order flow.

article-image

BTC finished the week up 1.6%, while L2s, RWAs and the treasury trade continued to grind lower

article-image

DTCC moves DTC-custodied Treasuries onchain via Canton, while Lighter’s LIT launches trading at a fees multiple in Hyperliquid territory

article-image

In the 90s, rapt audiences worldwide watched a coffee pot — will that fascination ever turn to crypto?

article-image

Some systems improve by failing — and crypto has no choice

article-image

Yield Basis introduces an IL-free AMM design that already dominates BTC DEX liquidity

article-image

Maybe tokenholders don’t need the rights that corporate shareholders have come to expect

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Blockworks Research

Unlock crypto's most powerful research platform.

Our research packs a punch and gives you actionable takeaways for each topic.

SubscribeGet in touch

Blockworks Inc.

133 W 19th St., New York, NY 10011

Blockworks Network

NewsPodcastsNewslettersEventsRoundtablesAnalytics