The FBI has accused North Korea of a $1.5bln theft in virtual assets from a crypto currency exchange. The U.S. agency has called it the biggest heist in history.
The virtual assets were from ByBit, a Dubai-based crypto trading platform. In a statement, the FBI said this malicious cyber activity was conducted by a company called ‘TraderTraitor’, also known by the name Lazarus Group. It further said that the virtual assets would eventually be turned into currency.
“TraderTraitor actors are proceeding rapidly and have converted some of the stolen assets to bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains,” said an FBI statement.
The Guardian reported that the haul exceeded the previous record sum of $1bn stolen by the dictator Saddam Hussein from Iraq’s central bank before the 2003 war. This underlines North Korea’s growing expertise in cybercrime.
The bureau also expects that the assets would be further laundered and eventually converted to fiat currency – a normal, government-backed currency that is not tied to commodities such as gold.
The Lazarus Group is a North Korean cybercrime unit. It has been responsible for audacious thefts whose proceeds are thought to have funded the regime’s nuclear and ballistic missile programs. An NDTV Report mentions that the company has also been accused of hacking into Sony Pictures as revenge for the film “The Interview,” which mocked North Korean leader Kim Jong Un.
North Korea’s cyber warfare program has grown into a 6000-strong unit. In 2024 alone, hackers in North Korea stole over $3.1bln in crypto currency.
Hackers linked to North Korea stole more than US$1.3bn in cryptocurrency in 2024 – then a record amount – according to a report published in late December. The thefts were spread out over 47 incidents, the blockchain analysis firm Chainalysis said, adding that the total was a dramatic jump from the $660m seized in 2023.
