The U.S. government, through the FBI, has accused North Korean-backed hackers of stealing $1.4–$1.5 billion worth of Ethereum from Bybit, a Dubai-based crypto exchange, marking one of the largest crypto thefts in history.
The theft is attributed to the Lazarus Group, a notorious North Korean hacking collective involved in previous cyberattacks and numerous crypto heists.
The stolen funds have been partially converted into Bitcoin and other digital assets and dispersed across thousands of blockchain addresses for laundering and eventual conversion into fiat currency.
Blockchain analytics firms and independent researchers have confirmed links between the stolen funds and wallets tied to prior Lazarus Group operations.
Allegedly this heist is part of a wider pattern of North Korea leveraging cybercrime to generate foreign currency amidst international sanctions. Reports signal that North Korea has stolen over $1.2 billion in crypto over the past five years, with much of it allegedly funding its nuclear weapons program.
Bybit has acknowledged the breach and is offering rewards to recover the stolen assets, though only $42 million has been secured so far.
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Wow, a staggering $1.4-$1.5 billion stolen from Bybit - one of the largest crypto heists in history!