The US Federal Bureau of Investigation (FBI) has accused North Korea of orchestrating the largest cryptocurrency theft in history, stealing approximately $1.5 billion from the digital asset exchange Bybit last week.
The FBI identified the Lazarus Group, also known as TraderTraitor, as responsible for the theft. The agency stated that the group has already converted some of the stolen assets into Bitcoin and spread them across thousands of addresses on multiple blockchains to obscure their origins.
“It is expected these assets will be further laundered and eventually converted to fiat currency,” the FBI warned in a public service announcement on Wednesday.
North Korea has a long history of cyber warfare, with its Bureau 121 cyber unit reportedly employing around 6,000 hackers operating from multiple countries. The regime has used cyberattacks to evade international sanctions and fund its nuclear weapons program.
North Korea’s Lazarus Group has been linked to several high-profile crypto thefts, including:
- $620 million from Axie Infinity’s Ronin Bridge (2022)
- $100 million from Harmony’s Horizon Bridge (2022)
- $40 million from Stake.com (2023).
The FBI continues to track the stolen funds and warns that North Korea will likely use sophisticated laundering techniques to cash out the assets.