DWF Labs ‘Likely’ Exploited for $44M in 2022 Hack Linked to North Korea: Report

Why It Matters

The alleged unreported loss underscores the persistent security vulnerabilities of both centralized crypto firms and DeFi platforms, raising concerns about market transparency and investor risk amid state‑backed cyber threats.

Summary

Crypto investment firm DWF Labs is alleged to have been breached in September 2022, resulting in the theft of more than $44 million in USDC and USDT, according to blockchain researcher Tanuki42. The attack is attributed to the North Korea‑linked hacking group AppleJeus, which reportedly accessed private keys and moved funds through the Ren bridge to Bitcoin before some were sent to a mixer. DWF has not publicly confirmed the incident, which surfaced shortly after the high‑profile $128 million Balancer hack, and the firm recently led a $21 million Series B round for blockchain platform IOST.