North Korea Behind $1.5 Billion Crypto Theft, FBI Says

The US Federal Bureau of Investigation (FBI) has made a shocking accusation: North Korea is behind the largest crypto heist in history, with thieves swiping approximately $1.5 billion worth of digital assets from cryptocurrency exchange Bybit last week.

According to the FBI's public service announcement, the theft was carried out by a group known as TraderTraitor, also referred to as the Lazarus Group. This notorious cybercrime outfit has been linked to several high-profile hacks in the past, including the infamous Sony Pictures hack in 2014.

The Lazarus Group is believed to be a part of North Korea's sophisticated cyber-warfare program, which dates back to at least the mid-1990s. Over time, this program has grown into a formidable force, with an estimated 6,000-strong unit known as Bureau 121 operating from several countries.

According to the FBI, the TraderTraitor group proceeded rapidly after stealing the assets, converting some of them to Bitcoin and dispersing them across thousands of addresses on multiple blockchains. The bureau warned that these stolen assets will likely be further laundered and eventually converted to fiat currency.

The US government's accusation comes at a time when crypto exchange Bybit is facing intense scrutiny over its security measures following the theft. The incident has sparked widespread concern about the vulnerability of digital asset exchanges to cyber threats.

The FBI's statement serves as a stark reminder of the ever-present threat of state-sponsored cybercrime, particularly from countries with a history of aggressive cybersecurity practices like North Korea.