FBI Accuses North Korea of $1.5 Billion Crypto Heist
The U.S. Federal Bureau of Investigation (FBI) has accused North Korea of orchestrating the theft of $1.5 billion in digital assets from the cryptocurrency exchange Bybit last week, marking what is considered the largest crypto heist in history.
The FBI identified the group behind the theft as TraderTraitor, also known as the Lazarus Group.
“TraderTraitor actors are acting swiftly, converting some of the stolen assets into bitcoin and other virtual currencies, which have been spread across thousands of addresses on multiple blockchains,” the FBI said in its statement.
Although the stolen assets reportedly lost some value, they still surpassed the previous record of $1 billion stolen by Saddam Hussein from Iraq’s central bank before the 2003 war, underscoring North Korea’s growing expertise in cybercrime.
The FBI further stated that the stolen assets would likely be laundered and eventually converted into fiat currency, which is government-backed and not tied to commodities like gold.
“It is anticipated that these assets will be laundered and ultimately converted into fiat currency,” the FBI added.
According to a December report from blockchain analysis firm Chainalysis, hackers linked to North Korea stole more than $1.3 billion in cryptocurrency in 2024, setting a new record. This was part of 47 different thefts, a significant rise from the $660 million stolen in 2023.
“North Korean-linked hackers have become infamous for their sophisticated and relentless techniques, often using advanced malware, social engineering, and cryptocurrency theft to fund state-sponsored activities and bypass international sanctions,” Chainalysis noted.
UN officials monitoring sanctions on North Korea believe that proceeds from numerous cyber-attacks carried out by the regime between 2017 and 2023 helped fund their operations.
In response to the heist, Bybit has announced a bounty for individuals who help recover the stolen funds, setting up an online platform to trace and freeze the assets.
Chief Executive Ben Zhou stressed the importance of transparency in the fight against cybercrime.
“We are committed to ensuring that every transaction is traceable and that every hacker is held accountable. Our comprehensive approach sends a clear message: if you steal, you will be found, and justice will follow swiftly,” Zhou said.
