North Korea Crypto Theft Hits Record $1.5 Billion, FBI Confirms
2 min read
MARCH 05,2025
North Korea cryptocurrency scam raised funds for Kim regime/verdict.co.uk photo
SEOUL, Feb. 27 (UPI) — North Korea crypto theft has reached an all-time high, with hackers stealing $1.5 billion from the cryptocurrency exchange Bybit. The FBI confirmed that the notorious Lazarus Group was behind the attack, making it the biggest crypto heist in history.
The hackers used phishing techniques and malware-infected crypto apps in what the FBI calls the “TraderTraitor” campaign. After the heist on Feb. 21, the stolen funds were quickly converted into Bitcoin and other digital assets, spread across thousands of blockchain addresses.
“These assets will likely be laundered and eventually converted into fiat currency,” the FBI warned in a public statement.
Ben Zhou, CEO Bybit, foto: Tangkapan layar youtube
Bybit, the world’s second-largest crypto exchange, has taken an aggressive stance. CEO Ben Zhou declared “war against Lazarus” and launched a website to track the hackers’ wallets. A 5% bounty is being offered for any information that leads to frozen funds.
“We won’t stop until Lazarus and other bad actors are eliminated,” Zhou stated on X (formerly Twitter), adding that the initiative will expand to help other victims of Lazarus in the future.
North Korea’s Growing Crypto Theft and Cybercrime Operation
With heavy international sanctions limiting its financial resources, North Korea has turned to cybercrime to fund its weapons programs. According to the U.N., about 40% of Pyongyang’s military funding comes from cyber theft.
Between 2017 and 2023, North Korean hackers stole $3 billion through 58 cyberattacks on crypto platforms. In 2024 alone, they looted $1.34 billion from 47 incidents, accounting for 61% of all crypto thefts that year, as reported by blockchain analytics firm Chainalysis.
“North Korean hackers are among the most advanced cybercriminals, using sophisticated malware, social engineering, and cryptocurrency theft to bypass sanctions,” the report noted.
Military Ties with Russia for Hard Currency
Beyond cybercrime, North Korea has strengthened military ties with Russia, supplying munitions and deploying about 12,000 troops to aid Moscow’s war in Ukraine. According to Seoul’s intelligence agency, additional North Korean soldiers were recently sent to Russia, with some stationed on the frontlines in Kursk, where they have suffered heavy casualties.
As North Korea continues to exploit cyber warfare and global conflicts for financial gain, international security agencies remain on high alert to counter these growing threats.
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