Summary: The FBI blamed North Korea’s Lazarus Group for orchestrating the record $1.5 billion ByBit crypto exchange hack. The money was reportedly traded for Bitcoin and other cryptocurrency, with the potential that it will be laundered into fiat.
The FBI officially attributed the hacking of ByBit’s $1.5 billion cyber theft last month to North Korea’s Lazarus Group. In its official statement, the agency spelled out how pilfered assets were laundered through thousands of blockchain addresses by hackers, or “TraderTraitor.”.
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ByBit CEO Ben Zhou confirmed on X that the attack targeted the exchange’s ether cold wallet, leaving all other wallets unaffected and withdrawals functioning as usual. Despite the massive breach, the platform’s total assets remain at $5.3 billion.
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Crypto entrepreneur Mario Nawfal called the ByBit hack the largest crypto heist in history. With North Korean cyber threats escalating, global authorities are intensifying efforts to combat digital asset theft.
