FBI accuses North Korea of stealing $1.5 billion in cryptocurrency

The U.S. Federal Bureau of Investigation (FBI) on Wednesday accused North Korea of stealing $1.5 billion worth of cryptocurrencies in the past week. This is the largest theft of these digital assets in history.

Dubai-based cryptocurrency operator Bybit reported last week that hackers stole 400,000 units of Ethereum.

According to the company, cyber hackers circumvented security protocols during a transaction and were able to transfer the assets to an unidentified address.

In a public service announcement on Wednesday, the FBI claimed that North Korea was responsible for stealing approximately $1.5 billion in digital assets from cryptocurrency operator Bybit.

The agency said a group called TraderTraitor, also known as Lazarus Group, was responsible for the theft.

It added that the group was acting quickly and has converted some of the stolen goods into Bitcoin and other virtual currencies scattered across thousands of addresses on multiple blockchains.

The Lazarus Group made headlines a decade ago when it was accused of launching a cyberattack against Sony Pictures as revenge for the film “The Interview,” which mocks North Korean leader Kim Jong Un.

It is also behind the theft of $620 million in Ethereum and USD Coin from the Ronin Network platform in 2022, so far the largest theft in history.

In December, the U.S. and Japan connected the group to a cryptocurrency theft exceeding $300 million from the Japanese exchange DMM Bitcoin.

North Korea's cyberwarfare program dates back to at least the mid-1990s, and one cybersecurity firm has called the country "the world's most prolific cyber thief."

It currently has at least 6,000 agents and is known as Bureau 121, with operations in several countries, according to a 2020 U.S. report.

A U.N. panel said last year that Pyongyang has stolen more than $3 billion in cryptocurrencies since 2017.

Much of its cybercrime is directed by the General Reconnaissance Bureau, North Korea's main foreign intelligence service.

The U.N. panel claimed the stolen money helps fund North Korea's nuclear weapons program.