Largest Crypto Heist In History: North Korea Behind $1.5 Billion Theft

The US Federal Bureau of Investigation (FBI) has announced that North Korea is behind the largest crypto heist in history, with a staggering loss of approximately $1.5 billion USD in virtual assets from cryptocurrency exchange Bybit.

In a public service announcement, the FBI stated that a group called TraderTraitor, also known as the Lazarus Group, was responsible for the theft. The bureau explained that the group "proceeded rapidly" and converted some of the stolen assets to Bitcoin and other virtual assets, dispersing them across thousands of addresses on multiple blockchains.

According to the FBI, it is expected that these assets will be further laundered and eventually converted to fiat currency. This development highlights the significant threat posed by North Korea's cyber-warfare program, which has been a concern for several years.

The Lazarus Group gained notoriety over a decade ago when it was accused of hacking into Sony Pictures as revenge for "The Interview," a film that mocked North Korean leader Kim Jong Un. The group's activities have continued to evolve, with its cyber-warfare unit growing to become a 6,000-strong force known as Bureau 121.

Bureau 121 operates from several countries and has been responsible for numerous high-profile cyber attacks in recent years. According to a 2020 US military report, the group's capabilities have grown significantly since its inception, making it one of the most formidable cyber threats globally.

This latest development underscores the need for increased vigilance and cooperation between governments and financial institutions to combat the growing threat of cybercrime. As the world grapples with the challenges of digital currency and online transactions, it is essential that we remain aware of the risks posed by sophisticated actors like North Korea's Lazarus Group.

Track Latest News Live on NDTV.com and get news updates from India and around the world