The Federal Bureau of Investigation (FBI) has accused North Korea of orchestrating the theft of $1.5 billion in digital assets from the cryptocurrency exchange Bybit, marking it as the largest crypto heist to date. The FBI identified a group known as TraderTraitor, also referred to as the Lazarus Group, as the perpetrators behind this massive theft.
According to the FBI, the stolen assets have already begun to be converted into Bitcoin and other cryptocurrencies, spread across numerous addresses on various blockchains. Despite a decrease in value since the theft, the amount stolen surpasses the previous record of $1 billion taken by Saddam Hussein from Iraq’s central bank prior to the 2003 war.
The FBI anticipates that the stolen assets will undergo further laundering processes before being converted into fiat currency. This incident adds to a growing trend, as hackers linked to North Korea reportedly stole over $1.3 billion in cryptocurrency throughout 2024, significantly increasing from $660 million in 2023.
Chainalysis, a blockchain analysis firm, noted that North Korean hackers have gained notoriety for their sophisticated techniques, often utilizing advanced malware and social engineering tactics to fund state-sponsored operations and evade international sanctions.
In response to the heist, Bybit has implemented measures to trace and recover the lost funds, offering a bounty for information leading to the recovery. CEO Ben Zhou emphasized the company’s commitment to transparency and accountability in tackling cybercrime.
