FBI Unveils Shocking Allegations: North Korean Hackers Steal $1.5 Billion in Cryptocurrency from Dubai Firm

ROME (AP) — The FBI recently revealed that hackers linked to North Korea have stolen around $1.5 billion worth of ethereum from Bybit, a major cryptocurrency exchange based in Dubai. This incident is one of the largest cryptocurrency thefts ever recorded.

The hackers, known by the names TraderTraitor and the Lazarus Group, reportedly used modified trading apps that contained malware to carry out the theft.

In an online announcement, the FBI stated it believes these North Korean hackers are behind the crime. They noted that the hackers have already converted some of the stolen ethereum to Bitcoin and dispersed it across many addresses on different blockchains. It’s likely that these cryptocurrencies will be further laundered and eventually turned into cash.

North Korea has not responded to the accusations from the FBI. Their embassy in Geneva did not provide any comments when contacted by the Associated Press.

Over the past five years, North Korean hackers are believed to have stolen around $1.2 billion in cryptocurrency and virtual assets, according to South Korea’s intelligence agency. This money is seen as critical for bolstering North Korea’s economy and funding its nuclear weapons program amidst strict international sanctions and the country’s responses to the COVID-19 pandemic.

A U.N. panel of experts is also looking into 58 different cyberattacks linked to North Korea from 2017 to 2023, which resulted in approximately $3 billion in stolen assets to supposedly help support its weapons development.

Bybit’s co-founder, Ben Zhou, acknowledged the FBI’s announcement on social media. He shared a link to a site offering $140 million for information on tracking down the stolen cryptocurrency.

The attack occurred when an unauthorized transfer was made from Bybit’s offline wallet, which was reportedly manipulated by an attacker. A security analyst explained that the hackers used a “blind signing” exploit, tricking users into signing off on a fake interface that looked like the real trading platform.

According to blockchain analytics firm Certik, this hack is considered the largest breach in blockchain history. With news of the theft, cryptocurrency prices have fallen recently. Bitcoin, for instance, dropped from over $100,000 to around $82,000. This has caused some unease among investors, especially as many are concerned about the potential for increased regulatory scrutiny following the breach.

The situation is certainly challenging for Bybit and its users, as the fallout from this hack continues to unfold.

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Crime, Theft, North Korea, U.S. Federal Bureau of Investigation, Donald Trump, Hacking, Dubai, United States government, General news, Asia, Asia Pacific, United States, World news, Pyongyang, Manuel Villegas, Ben Zhou, Business, Technology, X Corp., Cybercrime, Julius Baer