North Korean hackers have stolen a record-breaking $1.5 billion in cryptocurrency from Dubai-based exchange Bybit, making it the largest heist in history. The cyber attack used advanced tactics, including “social engineering” and zero-day hacks, to breach Bybit’s systems.
The theft surpasses the largest known bank theft, when Saddam Hussein stole $1 billion from Iraq’s central bank in 2003. It also eclipses North Korea’s previous cryptocurrency hauls, which were around $6 billion over the last decade.
North Korean hackers are employed by the regime to bolster its failing economy and support its military spending, including its ballistic missile programme. The country’s elite hacking unit, known as the Lazarus Group, is believed to be behind the attack.
The group has a reputation for sophistication and has been linked to past attacks, including the Sony hack in 2014 and the Wannacry cyber attack in 2017. Its members are skilled in “social engineering” and have developed relationships with targets over months or even years before launching their attacks.
North Korea’s hackers use a variety of techniques to steal cryptocurrency, including fake remote-working contractors and phishing emails. The latest attack used a multi-layered approach, gaining access to Bybit’s internal systems and then accessing a cold wallet that held the stolen coins.
The nature of the cryptocurrency industry has made it an attractive target for cyber attackers like North Korea. Chainalysis reported that 61% of the $2.2 billion in cryptocurrency stolen globally in 2024 was attributed to North Korean hackers.
Bybit claims to have assets sufficient to cover its losses, but the incident serves as a reminder of the advanced tactics used by North Korean hackers. The US has issued indictments against several North Korean military figures linked to the Lazarus Group, highlighting the regime’s commitment to using cyber attacks as a source of revenue.
Source: https://www.yahoo.com/news/north-korea-plunders-world-crypto-144944458.html