The US Federal Bureau of Investigation (FBI) has accused North Korea of masterminding the largest crypto heist in history, stealing a whopping $1.5 billion worth of digital assets from cryptocurrency exchange Bybit last week.
The FBI identified the notorious Lazarus Group, also known as TraderTraitor, as the culprits behind the theft.
According to the FBI, the stolen assets are being rapidly converted into Bitcoin and other virtual assets, dispersed across thousands of addresses on multiple blockchains.
The agency warned that these assets are expected to be further laundered and eventually converted into fiat currency.
The Lazarus Group has a history of high-profile cyberattacks, including the infamous hacking of Sony Pictures in 2014 as revenge for the film “The Interview,” which mocked North Korean leader Kim Jong Un.
North Korea’s cyber-warfare program, which dates back to the mid-1990s, has grown into a sophisticated 6,000-strong cyber-warfare unit known as Bureau 121, operating from several countries.
This massive crypto heist has raised concerns about the vulnerability of the cryptocurrency market to cyberattacks.
The FBI has urged cryptocurrency exchanges and investors to remain vigilant, and authorities are working to track and recover the stolen assets.