ISLAMABAD: The FBI has accused North Korea of masterminding the largest cryptocurrency heist in history, stealing an estimated $1.5 billion. The attack was attributed to the hacker group TraderTraitor, also known as the Lazarus Group, which targeted the Dubai-based cryptocurrency exchange Bybit.
Bybit had previously reported the loss of 400,000 Ethereum after the hackers exploited security vulnerabilities during a transaction. The stolen assets were transferred to an undisclosed address. The FBI confirmed that North Korea’s regime was responsible for the cyber theft, and warned that the stolen funds were being quickly moved across different blockchains and converted into Bitcoin and other digital currencies, with plans for further laundering into traditional currencies.
The Lazarus Group, a well-known cybercriminal entity, has a history of large-scale heists, including the $620 million attack on the Ronin Network in 2022, which held the previous record for the largest cryptocurrency theft. The group was also reportedly behind a December 2023 attack on DMM Bitcoin, stealing over $300 million.
North Korea’s cyber warfare operations have been in place since at least the mid-1990s, with a specialized cyber unit, Bureau 121, estimated to have over 6,000 members. A UN panel investigating the country’s sanctions evasion revealed that North Korea has stolen over $3 billion in cryptocurrency since 2017, with these funds being used to support its nuclear weapons program.
Despite widespread international sanctions and repeated warnings from global intelligence agencies, North Korea has continued to expand its cyber capabilities, posing a growing threat to both financial systems and global security.
