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Hackers Target ByBit Exchange in Largest-Ever Crypto Theft
The FBI has accused North Korea of orchestrating a massive cyber heist, stealing approximately $1.5 billion in virtual assets from Dubai-based cryptocurrency exchange ByBit. This attack, described as the largest crypto theft in history, surpasses the $1 billion stolen by Saddam Hussein from Iraq’s central bank before the 2003 war.
According to the FBI, North Korean cybercriminals—operating under the name “TraderTraitor”—are already converting portions of the stolen assets into bitcoin and other cryptocurrencies, dispersing them across thousands of blockchain addresses.
North Korea’s Cybercrime Network Funds Military Ambitions
The regime, known for its advanced cyber capabilities, has long relied on hacking operations to fund its nuclear and missile programs. The Lazarus Group, a state-sponsored hacking unit, has been linked to high-profile cyberattacks, including a record $1.3 billion in stolen cryptocurrency in 2024 alone, according to blockchain analysis firm Chainalysis.
The United Nations has also reported that North Korea has used proceeds from dozens of cyberattacks between 2017 and 2023 to enhance its nuclear arsenal. Despite facing crippling sanctions, the country continues to develop long-range missile capabilities, potentially threatening distant targets, including the U.S. mainland.
North Korea’s Growing Foreign Currency Sources
Beyond cybercrime, North Korea has also supplied weapons and troops to Russia in exchange for cash and military technology. South Korea’s intelligence agency claims Pyongyang recently sent additional troops to support Russian forces in Ukraine, with around 11,000 North Korean soldiers already stationed in the Russian border region.
Additionally, North Korea has reopened its borders to a limited number of foreign tourists for the first time since the pandemic, targeting visitors from Russia and China. The U.S. has maintained a travel ban on its citizens entering North Korea since 2017.
ByBit Calls for Cybersecurity Experts to Recover Stolen Assets
ByBit, which serves over 60 million users worldwide, confirmed that the hackers had gained control of an ether wallet before transferring the funds to an unknown address. The exchange has since appealed to top cybersecurity experts to assist in recovering the stolen $1.5 billion.
With cyberattacks becoming an increasingly powerful tool for North Korea to bypass international sanctions, global financial institutions remain on high alert for further threats.
Gill Bikram Singh