One of the biggest crypto heists in history shook the industry recently. North Korean hackers stole a staggering $1.5 billion from ByBit, one of the world’s largest cryptocurrency exchanges. According to an official FBI statement, this massive theft nearly doubles what North Korea stole in digital assets last year.
The FBI has labeled this operation “TraderTraitor” and is urging blockchain service providers, DeFi platforms, and exchange bridges to block any transactions linked to the stolen assets. The hackers are actively trying to convert the funds into fiat currency, and some of the stolen assets have already been converted into Bitcoin.
ByBit, which has over 60 million users and is the world’s second-largest crypto exchange, confirmed the attack last Friday. The breach occurred after a Safe developer’s device was compromised, allowing attackers to inject malicious code into the platform’s front-end system and alter transaction parameters.
The hackers gained control of an Ethereum cold wallet and transferred its entire balance to an unknown address. ByBit CEO Ben Zhou reassured users that all other wallets remained secure, withdrawals were not affected, and client funds were safe. The exchange is now working with forensic experts to track the stolen funds.
The attack was executed in minutes, with hackers quickly moving the stolen assets. By the weekend, blockchain analytics firm TRM Labs reported that $160 million of the stolen funds had already been transferred through accounts linked to North Korean operatives.
TRM Labs also noted that this single hack nearly doubled the total amount North Korea stole from crypto exchanges last year.
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 key financial source.
Meanwhile, security analysts warn that as long as cryptocurrency remains valuable, North Korea’s cyber army will keep targeting major exchanges.
One exchange down, billions stolen—will the crypto industry ever find a way to stay ahead?
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