The FBI has reported that North Korea was behind the theft of approximately $1.5 billion in virtual assets from cryptocurrency exchanges, marking the largest robbery in history. This theft surpasses the previous record set by Saddam Hussein, who stole $1 billion from the Iraqi central bank before the 2003 war. The operation, termed by the FBI as “Tradertraitor,” involves North Korean hackers converting stolen assets to Bitcoin and other cryptocurrencies, with the aim of eventually laundering the funds into fiat currency.
North Korea is known for its sophisticated cybercrime unit, the Lazarus Group, which has been linked to numerous cyberattacks intended to fund the regime’s nuclear and ballistic missile programs. A recent report indicated that North Korean hackers stole over $1.3 billion in cryptocurrency in 2024 alone, a significant increase from $660 million in 2023.
Experts believe that these cyber operations have substantially bolstered North Korea’s capabilities, even as the country faces economic challenges due to sanctions, the Covid-19 pandemic, and natural disasters. In a different context, North Korea has also been providing military support to Russia in exchange for cash and technology.
In addition, South Korean intelligence has indicated a recent increase in the deployment of North Korean soldiers to Russia’s frontline in Kursk. Furthermore, North Korea has started welcoming a limited number of international tourists, signaling a potential new source of foreign currency, despite ongoing travel restrictions from the US since 2017.
The hacker’s attack on Bybit, a major cryptocurrency exchange with 60 million users, involved gaining access to an ether wallet. Bybit has since called for cybersecurity expertise to help recover the stolen funds.
Source link
