FBI calls it the largest crypto heist in history
The U.S. Federal Bureau of Investigation (FBI) has accused North Korea of stealing $1.5 billion in digital assets from the cryptocurrency exchange Bybit, marking the largest cryptocurrency theft ever recorded.
“(North Korea) was responsible for the theft of approximately USD 1.5 billion in virtual assets from cryptocurrency exchange, Bybit,” the FBI stated in a public service announcement on Wednesday.
The FBI identified the hacking group responsible as TraderTraitor, also known as the Lazarus Group.
North Korea’s role in laundering stolen crypto assets
According to the FBI, the hackers have already converted some of the stolen funds into Bitcoin and other virtual currencies, dispersing them across thousands of blockchain addresses.
“It is expected these assets will be further laundered and eventually converted to fiat currency,” the bureau added.
The Lazarus Group first gained global attention in 2014 when it was accused of hacking Sony Pictures in retaliation for The Interview, a film that mocked North Korean leader Kim Jong Un.
North Korea’s cyber-warfare operations
North Korea has been running an advanced cyber-warfare program since at least the mid-1990s.
A 2020 U.S. military report revealed that the country operates a cyber-warfare unit known as Bureau 121, consisting of approximately 6,000 members stationed across multiple countries.
The latest cryptocurrency theft underscores North Korea’s continued reliance on cybercrime as a means of evading international sanctions and generating funds for its regime.
