North Korea behind $1.5bn crypto theft – FBI
The US Federal Bureau of Investigation (FBI) has accused North Korea of being behind the largest crypto heist in history, worth approximately $1.5 billion. The bureau made this announcement on Wednesday, alleging that a group called TraderTraitor, also known as the Lazarus Group, was responsible for the theft.
The FBI stated 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. The bureau warned that it is expected these assets will be further laundered and eventually converted to fiat currency.
Background on North Korea's cyber-warfare programme
North Korea's cyber-warfare programme dates back to at least the mid-1990s, with a 6,000-strong cyber-warfare unit known as Bureau 121 operating from several countries. According to a 2020 US military report, this cyber-warfare unit gained notoriety in the early 2010s for hacking into Sony Pictures as revenge for "The Interview," a film that mocked North Korean leader Kim Jong Un.
Lazarus Group's history of cyber-attacks
The Lazarus Group, also known as TraderTraitor, gained notoriety in 2014 when it was accused of hacking into Sony Pictures' computer systems as revenge for "The Interview." This group has been linked to several high-profile cyber-attacks over the years, highlighting its significant capabilities and threat potential.
Crypto theft implications
The $1.5 billion crypto theft is considered a significant blow to the cryptocurrency market, with experts warning that this could have far-reaching consequences for the global economy. As the FBI continues to investigate and track down the assets stolen in this heist, it remains to be seen how this will impact the market and the broader financial world.
FBI's response
The FBI has been working closely with other law enforcement agencies to track down those responsible for this cyber-attack. The agency is urging individuals and organizations to remain vigilant and report any suspicious activity related to cryptocurrency thefts or other cyber-attacks.