The Federal Bureau of Investigation (FBI) of the United States has accused hackers linked to North Korea of carrying out one of the largest known cryptocurrency thefts, seizing Ethereum worth approximately $1.5 billion from a Dubai-based company.
The target of the theft, which occurred earlier this month, was Bybit, one of the world’s largest cryptocurrency exchanges. This incident is yet another involving a group of hackers identified by U.S. authorities under names such as “TraderTraitor” and “Lazarus Group”, reports the Associated Press.
In a public service announcement issued late Wednesday, the FBI stated it believes the North Korea-backed hackers were responsible for the theft.
“TraderTraitor actors are moving quickly and have converted some of the stolen assets into Bitcoin and other virtual assets, distributing them across thousands of addresses on multiple blockchains,” the FBI said in the statement.
North Korea’s state-run media has not acknowledged either the massive theft or the FBI’s accusation. The North Korean mission to the United Nations in Geneva did not immediately respond to a request for comment from the Associated Press.
According to South Korea’s intelligence agency, North Korea has stolen approximately $1.2 billion in cryptocurrencies over the past five years. This method serves as a rare source of foreign currency that is crucial for supporting the impoverished nation’s economy and funding its nuclear program, especially amid heavy UN sanctions and the strict border closures imposed during the COVID-19 pandemic.
A UN panel of experts has said it is investigating 58 suspected cyberattacks carried out by North Korea between 2017 and 2023, in which around $3 billion is believed to have been stolen—reportedly to help finance the country’s weapons of mass destruction development.