North Korean hackers, believed to be linked to the notorious Lazarus Group, have laundered at least $300 million from a record-breaking $1.5 billion cryptocurrency theft targeting the exchange ByBit, the BBC reported.
The cyber heist, which took place two weeks ago, has triggered an urgent international effort to track and block the hackers from converting their stolen digital assets into cash.
Experts warn that the stolen funds could be funneled into North Korea’s military and nuclear programs. Dr. Tom Robinson, co-founder of crypto forensics firm Elliptic, highlighted the group’s highly sophisticated money-laundering tactics, suggesting they operate with round-the-clock teams dedicated to evading detection.
ByBit has revealed that approximately 20% of the stolen funds have “gone dark”, making recovery highly unlikely. The US and its allies have repeatedly accused North Korea of using cyber thefts to finance its weapons programs.
