The U.S. Federal Bureau of Investigation has accused North Korea of orchestrating a $1.5 billion cryptocurrency theft from the exchange Bybit last week, marking the largest crypto heist on record.
According to the FBI, the notorious hacking group TraderTraitor, also known as the Lazarus Group, was responsible for the attack. The stolen assets were rapidly converted into Bitcoin and other digital currencies, dispersed across thousands of blockchain addresses.
The heist surpasses the previous record of $1 billion stolen by Saddam Hussein from Iraq’s central bank in 2003, underscoring North Korea’s increasing sophistication in cybercrime. The FBI warned that the stolen funds would likely be laundered and converted into fiat currency.
A report by blockchain analysis firm Chainalysis revealed that North Korean hackers stole over $1.3 billion in cryptocurrency in 2024, spread across 47 attacks—double the $660 million stolen in 2023. The regime’s cyber operations reportedly help fund state-sponsored activities and evade international sanctions.
In response, Bybit has launched an online tracking system and offered a bounty for information leading to the recovery of stolen assets. CEO Ben Zhou emphasized transparency and accountability in tackling cybercrime.
The Lazarus Group, active since at least the mid-1990s, gained global notoriety for hacking Sony Pictures in retaliation for The Interview, a film satirizing North Korean leader Kim Jong Un.
A 2020 U.S. military report estimates North Korea’s cyber-warfare unit, Bureau 121, has grown to over 6,000 operatives stationed across multiple countries.
