North Korea Behind $1.5 Billion Crypto Theft, FBI Says

The U.S. Federal Bureau of Investigation (FBI) has accused North Korea of being behind the theft of a staggering $1.5 billion worth of digital assets last week, marking the largest crypto heist in history.

[North Korea] was responsible for the theft of approximately $1.5 billion in virtual assets from cryptocurrency exchange, Bybit," the FBI said in a public service announcement. The bureau highlighted a group called TraderTraitor, also known as the Lazarus Group, as the masterminds behind the heist.

"They were proceeding rapidly and have converted some of the stolen assets to Bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains," the FBI added. "It is expected these assets will be further laundered and eventually converted to fiat currency."

A Notorious Cyber-Warfare Unit

Lazarus Group gained notoriety 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.

North Korea's cyber-warfare program dates back to at least the mid-1990s. It has since grown to a 6,000-strong cyber-warfare unit known as Bureau 121 that operates from several countries, according to a 2020 U.S. military report.

A Growing Threat

UN Chief Antonio Guterres "welcomes" the historic call by Terror group PKK's leader Abdullah Öcalan to dissolve the movement, calling it a "glimmer of hope," according to spokesman Stephane Dujarric.

This comes as Meta plans to release a stand-alone AI app, adding to the growing list of innovative products and services being developed by the company.

Market Uncertainties

Meanwhile, market uncertainties have dealt a blow to Bitcoin's price, with its value sinking in recent days. Couche-Tard still eyes 'friendly' 7-Eleven takeover despite the challenge posed by Trump tariffs for Europe's carmakers.

China vows "all necessary countermeasures" over latest US tariffs, as the LSE welcomes TVF following landmark Sukuk issuance and EBRD’s 2025 growth forecast for Türkiye remains unchanged.

Lazarus Group's Next Move

The FBI's warning serves as a reminder of the ongoing threat posed by cyber-warfare units like the Lazarus Group. The group is expected to continue its activities, with the stolen assets likely to be further laundered and eventually converted to fiat currency.