The Federal Bureau of Investigation has implied Piracy groups supported by North Korea in a major cryptocurrency robbery involving $ 1.5 billion in digital assets.
The cyber attack targeted bybit, an exchange of cryptocurrency based in Dubai, which makes it one of the largest known crypto flights. This incident drew attention to the continuous role of North Korea in cyberlativated financial crimes.
The FBI blames North Korean pirates for $ 1.5 billion for crypto
The pirates – identified as a traderaor and the Lazare group – have deployed malware via modified cryptocurrency trading applications, allowing them to enter Ethereum and convert it to other cryptocurrencies, according to an FBI declaration published on Wednesday.
The stolen funds were quickly transferred to thousands of wallet addresses on several blockchains. The FBI suspects that these assets will eventually be laundered and converted into fiduciary currency.
Although the North Korean government has not recognized the theft, reports from South Korea intelligence suggest that North Korea has stolen $ 1.2 billion in cryptocurrency over the past five years.
The Washington Post reporting this noted:
It represents a rare source of foreign currencies with the seriously necessary needs to support its fragile economy and finance its nuclear program in the intense United Nations sanctions and strict border closures of North Korea during the coronavirus pandemic. A panel of United Nations experts said separately that it was investigating 58 cyber attacks suspected by North Korea between 2017 and 2023 which saw some $ 3 billion stolen to “help finance the development of the country of weapons of mass destruction”.
Bybit response and industry implications
The co-founder and CEO of Bybit, Ben Zhou, addressed the accusations of the FBI by linking a site offering bonuses to follow and freeze the stolen assets.
– Ben Zhou (@benbybit) February 27, 2025
The exchange revealed that the attack involved a sophisticated feat targeting their offline or “cold” wallets, which are generally considered to be safer than online storage. According to the blockchain analysis company, Certik, this violation is to date as the biggest piracy linked to blockchain.
🚨 Bybit Technical Analysis
A phishing attack has bypassed multi-signed guarantees, encouraging the signatories to approve an upgrading of malicious contract. The pirates exploit:
🔹 Compromise of the device (via social engineering)
🔹 Blind signature (User interface usurpation on security {Wallet} + Ledger)🛡learn … pic.twitter.com/fwntdbskcc
– Certik (@CERTIK) February 23, 2025
Manuel Villegas blockchain analyst explain that the attackers used a “blind signature” feat. This method implies a false user interface imitating the legitimate platform, encouraging users to authorize unauthorized transactions.
The repercussions of this violation have extended beyond the bybit ecosystem, triggering a drop in the overall prices of cryptocurrencies. Bitcoin has so far faced a large dive falling at levels as low as $ 82,000 on Wednesday.
Industry observers suggest that this incident will increase regulatory control over cryptocurrency exchanges and their security measures.
Star image created with Dall-E, tradingView graphic
