North Korean Hackers Steal $1.5 Billion in Cryptocurrency

The FBI has confirmed that North Korean hackers have stolen approximately $1.5 billion in cryptocurrency from ByBit, one of the world's largest cryptocurrency exchanges. This heist is one of the largest in history, nearly doubling the amount North Korea stole in digital assets last year.

The hack, dubbed "TraderTraitor" by the FBI, involved the compromise of a developer's device, allowing attackers to inject malicious code into the front-end and alter transaction parameters. ByBit confirmed the attack last Friday, stating that an attacker gained control of an Ether cold wallet and transferred its holdings to an unknown address. The exchange assured users that all other wallets remained secure, withdrawals continued as normal, and client funds were unaffected.

The attack took place in minutes, with hackers making off with an amount nearly equivalent to North Korea's annual GDP. By the weekend, about $160 million of the stolen assets had already been funneled through accounts linked to North Korean operatives, according to blockchain analytics firm TRM Labs.

North Korea has a long history of stealing cryptocurrency to fund its regime. The FBI's latest findings confirm that the country continues to rely on cyber theft as a major financial source. As cryptocurrency remains a valuable asset, security experts warn that North Korea's cyber army will continue targeting major exchanges.