The Federal Bureau of Investigation (FBI) has accused North Korea of orchestrating a massive cryptocurrency theft, amounting to $1.5 billion.
This incident is considered the largest crypto heist in history.
Details of the Theft
- Target: The theft targeted Bybit, the world’s second-largest cryptocurrency exchange by trading volume.
- Date: The cyber attack occurred on or about February 21, 2025.
- Group Involved: The FBI identified the North Korean hacker group known as TraderTraitor, also referred to as the Lazarus Group, as responsible for the theft.
- Method: The hackers used advanced techniques, including spearphishing and malware-laced cryptocurrency applications, to execute the heist. They have already converted some of the stolen assets to Bitcoin and other virtual currencies, dispersing them across thousands of addresses on multiple blockchains.
FBI’s Statement
The FBI stated that the stolen assets are expected to be further laundered and eventually converted to fiat currency. The agency has advised private sector entities and virtual asset service providers to block transactions with or derived from addresses associated with TraderTraitor.
Historical Context
The Lazarus Group gained notoriety a decade ago when it was accused of hacking into Sony Pictures as revenge for “The Interview,” a film that mocked North Korean leader Kim Jong Un. North Korea’s cyber-warfare program dates back to at least the mid-1990s and has since grown to a 6,000-strong cyber-warfare unit known as Bureau 121.
Bybit’s Response
Bybit has responded to the heist by offering a bounty for those who help recover the stolen funds. The company has set up an online system to trace and freeze the stolen assets. Bybit’s CEO, Ben Zhou, emphasized the importance of transparency in combating cybercrime and declared “war against Lazarus.”
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