North Korean hackers have allegedly stolen a staggering $1.5 billion in Ethereum from Dubai-based crypto exchange Bybit.
The FBI dropped the bombshell late Wednesday, pinning the massive digital heist on the notorious hacking collective known as TraderTraitor and the Lazarus Group – both linked to the North Korean government.
“They’re moving fast,” warned the FBI in their urgent public alert. “They’ve already converted some of the stolen assets to Bitcoin and scattered them across thousands of addresses on multiple blockchains.”
According to federal investigators, the hackers deployed their typical playbook: distributing seemingly legitimate cryptocurrency trading applications secretly loaded with malware designed to drain digital wallets.
Bybit CEO Ben Zhou acknowledged the FBI’s announcement with a post on X, linking to a website offering $140 million in bounties to anyone who can help track and freeze the stolen funds.
The company revealed that attackers had somehow “manipulated” what should have been a routine transfer from an offline “cold wallet.”
Blockchain analytics firm Certik didn’t mince words, calling this “the largest breach” in blockchain history.
This heist adds to North Korea’s growing reputation as a digital bank robber.
South Korea’s intelligence agency estimates the isolated nation has stolen approximately $1.2 billion in cryptocurrency over the past five years.
Meanwhile, UN investigators are looking into 58 suspected North Korean cyberattacks between 2017 and 2023 that netted around $3 billion – funds reportedly funneled into the country’s weapons program.
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Olawale Moses Oyewole is an adept writer who stays on top of current events and curate informative and engaging articles for his readers. He is a digital strategist who help brands gain online visibility.
