North Korea has been linked to a massive cryptocurrency heist worth approximately $1.5 billion from a Dubai-based exchange, ByBit. The FBI has described this as the biggest heist in history and warned that the stolen virtual assets will be laundered into fiat currency.
The Lazarus Group, a sophisticated cybercrime unit operated by North Korea, is believed to be behind the theft. This group has been responsible for previous audacious attacks and is thought to have funded the regime’s nuclear and ballistic missile programs.
According to blockchain analysis firm Chainalysis, hackers linked to North Korea stole over $1.3 billion in cryptocurrency last year, setting a record. The stolen assets were dispersed across thousands of addresses on multiple blockchains before being converted into bitcoin and other virtual assets.
The FBI has also warned that the stolen assets will be laundered and eventually converted into fiat currency. This form of cybercrime is becoming increasingly common for North Korea, which has been known to operate a sophisticated cybercrime unit since 2017.
In addition to the cryptocurrency heist, North Korea has also been using cybercrime to earn foreign currency. The regime has supplied weapons and ammunition to Russia in exchange for cash and technological know-how. The South Korean spy agency reported that Pyongyang had sent more soldiers to Russia, including some deployed to the frontline in Kursk.
The victim of the latest heist, ByBit, is working with cybersecurity experts to recover the stolen assets. The exchange caters to over 60 million users worldwide and offers access to various cryptocurrencies, including bitcoin and ether.
Source: https://www.theguardian.com/world/2025/feb/27/north-korea-bybit-crypto-exchange-hack-fbi