FBI: North Korea Behind $1.5 Billion ByBit Crypto Heist

The FBI has accused North Korea of stealing $1.5 billion in digital assets from ByBit, marking the largest crypto heist ever. The attack is linked to North Korea’s “TraderTraitor” cyber operations, with funds rapidly converted into bitcoin and dispersed across multiple blockchain addresses. The Lazarus Group, known for major cyber thefts, is suspected of using the stolen assets to fund nuclear and missile programs. In 2024, North Korean hackers stole over $1.3 billion in cryptocurrency. The regime relies on cybercrime, arms sales, and military support to Russia for financial gains. ByBit confirmed the attack and is working with cybersecurity experts to recover the stolen funds.

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• FBI Accuses North Korea of Largest-Ever Crypto Heist

FBI: North Korea Behind $1.5 Billion ByBit Crypto Heist

The FBI has identified North Korea as the culprit behind the theft of approximately $1.5 billion in virtual assets from the cryptocurrency exchange ByBit. In a statement released on Wednesday, the agency referred to this cyberattack as part of North Korea’s “TraderTraitor” operations.

According to the FBI, the stolen assets have already begun to be converted into bitcoin and other cryptocurrencies, spread across thousands of blockchain addresses. Authorities expect the funds will be further laundered and eventually exchanged for traditional currency.

ByBit, which serves over 60 million users globally and supports cryptocurrencies like bitcoin and ether, reported last Friday that an attacker had taken control of an ether wallet and transferred its holdings to an unknown address. The company has since launched an internal investigation and is working with cybersecurity experts to track the stolen assets and strengthen its security measures. ByBit assured its users that it is committed to enhancing platform security and preventing similar breaches in the future. Meanwhile, law enforcement agencies, including the FBI, are closely monitoring the movement of the stolen funds across multiple blockchain addresses to prevent laundering.

FBI Accuses North Korea of Largest-Ever Crypto Heist

The FBI has accused North Korea of stealing approximately $1.5 billion in digital assets from cryptocurrency exchange ByBit, marking the largest crypto heist in history and surpassing the previous record set by Saddam Hussein, who took $1 billion from Iraq’s central bank before the 2003 war. The agency has raised concerns about North Korea’s growing cybercrime capabilities, warning that the stolen assets from Dubai-based ByBit are being rapidly converted into bitcoin and other cryptocurrencies. The attack has been linked to North Korea’s “TraderTraitor” cyber activities, with funds dispersed across multiple blockchain addresses.

North Korea’s infamous cybercrime unit, the Lazarus Group, has been associated with numerous high-profile thefts, with reports indicating that stolen funds are used to finance the country’s nuclear and ballistic missile programs. In 2024 alone, North Korea-linked hackers stole over $1.3 billion in cryptocurrency, setting a record at the time, according to blockchain analysis firm Chainalysis. The firm also noted that North Korean hackers employ advanced malware, social engineering, and crypto theft tactics to evade international sanctions and fund state operations. UN investigators suspect that proceeds from cyberattacks between 2017 and 2023 were funneled into North Korea’s nuclear weapons program.

Despite economic struggles due to sanctions, the COVID-19 pandemic, and natural disasters, North Korea continues to enhance its military capabilities, relying on cybercrime as a key source of foreign currency. Additionally, the regime has supported Russia’s invasion of Ukraine with arms and military assistance in exchange for financial and technological benefits. In response to the heist, ByBit confirmed that an attacker had gained control of an ether wallet and transferred its holdings to an unidentified address. The exchange, which serves over 60 million users worldwide, has enlisted cybersecurity experts to help recover the stolen $1.5 billion.