SquidSquad Suspected in $2.84M BNB Chain Theft

An institution reportedly lost about $2.84 million in a BNB Chain theft on 8 October. Blockchain investigator ZachXBT suspects the attack was linked to North Korea-associated group SquidSquad, though the victim and the method used to access its assets have not been identified. The suspected BNB Chain theft has not been definitively attributed to the group. On 20 October, the attacker reportedly deposited 1,111.2 ETH into Tornado Cash and withdrew it to three Ethereum wallets. The funds were then bridged to Tron using USDT0 and consolidated in two addresses that ZachXBT said had transaction links to wallets previously attributed to North Korean operators. Intermediaries subsequently routed the funds to addresses attributed to Chinese over-the-counter traders. There is no confirmation that the funds were cashed out or frozen, and investigators have not established a direct link to other recent Tornado Cash cases. The suspected SquidSquad theft underscores continuing crypto security and laundering risks, but the reported loss is limited in scale and does not by itself indicate a broad market threat. Traders may watch for further evidence or any response affecting BNB Chain, but the incident’s direct price impact on BNB is likely limited unless wider security concerns emerge.