FBI links North Korea to a $1.5 billion cyber theft from ByBit, now the largest heist in history, surpassing Saddam Hussein’s 2003 heist. The FBI warns that North Korean hackers are proficient at converting stolen digital assets into cryptocurrencies. The Lazarus Group is blamed for major thefts, with proceeds funding weapons development while cybercrimes continue amid North Korea’s economic struggles.
The FBI has accused North Korea of orchestrating a significant cyber theft, with around $1.5 billion in digital assets being stolen from the cryptocurrency exchange ByBit. This incident is now recognized as the largest heist in history, surpassing the $1 billion stolen from Iraq’s central bank by Saddam Hussein in 2003. The FBI highlighted this attack as one of several instances of North Korean cybercrime, labeling it “TraderTraitor.”
In its assessment, the FBI expressed concerns over North Korea’s increasing proficiency in cybercrime, specifically in the theft of virtual assets from platforms like ByBit, based in Dubai. They anticipate that these stolen assets will soon be converted into other currencies. According to an FBI release, “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.”
North Korea is well-known for its cybercrime capabilities, primarily through a sophisticated unit known as the Lazarus Group, linked to numerous high-profile thefts. Proceeds from these cybercriminal activities have been reportedly funneled into financing the regime’s nuclear and ballistic missile programs. In 2024 alone, North Korean-affiliated hackers allegedly stole over $1.3 billion in cryptocurrency.
Cybersecurity analysis from Chainalysis revealed that North Korean hackers employ advanced malware and social engineering techniques for persistent attacks, aiming to secure funding for state-sponsored projects while avoiding international sanctions. UN officials suspect that funds from various cyber-attacks between 2017 and 2023 have contributed to bolstering North Korea’s nuclear capabilities.
Despite facing extensive economic sanctions, the COVID-19 pandemic impact, and natural disasters, the North Korean regime has reportedly advanced its ability to strike distant targets, including the mainland US. Additionally, North Korea has engaged in arms dealings, providing weapons and soldiers to support Russia’s invasion of Ukraine in exchange for currency and technology.
In response to the theft, ByBit has revealed that an attacker gained unauthorized access to an ether wallet, transferring funds to an untraceable address. Serving over 60 million users globally, ByBit facilitates trading in various cryptocurrencies. The exchange is currently enlisting cybersecurity experts to recover the stolen $1.5 billion worth of digital assets.
The FBI attributes a historic $1.5 billion cyber theft from ByBit to North Korea, marking the largest crypto heist ever. This attack exemplifies the growing sophistication of North Korean cyber operations, especially through the Lazarus Group. The stolen assets are believed to finance the nation’s weapons programs. Amid ongoing sanctions and economic challenges, North Korea intensifies its cybercrime efforts and engages in arms trading. ByBit is actively seeking to recover the lost funds with expert assistance.
Original Source: www.newsbytesapp.com
