The FBI has confirmed that North Korea was behind the theft of $1.5bn in virtual assets from a cryptocurrency exchange, marking the biggest heist in history. The stolen assets, taken from Dubai-based crypto trading platform ByBit, are expected to be converted into fiat currency, highlighting North Korea’s growing expertise in cybercrime.
The FBI described this form of malicious cyber activity as “TraderTraitor”, with some of the stolen assets already converted into bitcoin and dispersed across thousands of addresses on multiple blockchains. This incident follows a report that North Korean hackers stole over $1.3bn in cryptocurrency in 2024 alone, funding the regime’s nuclear and ballistic missile programs.
While facing economic challenges due to sanctions, the Covid-19 pandemic, and natural disasters, North Korea continues to advance its military capabilities. Recent reports suggest that North Korean troops have been deployed to support the Russian invasion of Ukraine in exchange for cash and technological expertise.
In addition to cybercrime, North Korea is also seeking foreign currency through tourism, with the country recently welcoming international tourists for the first time since the pandemic. However, the US has maintained a ban on its citizens from entering North Korea since 2017.
ByBit, the victim of the latest heist, is working to recover the stolen assets with the help of cybersecurity experts. The exchange serves millions of users globally and allows access to various cryptocurrencies, including bitcoin and ether. This incident underscores the need for heightened cybersecurity measures in the cryptocurrency industry to prevent future large-scale thefts.
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