North Korean hackers were responsible for stealing roughly $1.5 billion from the ByBit cryptocurrency exchange, according to a report from the FBI. The Lazarus Group, a cyber-crime collective that works on behalf of the North Korean state was behind the attack. North Korea is using the stolen money to finance its nuclear weapons and missile programs, the officials say. The stolen cryptocurrency has lost value but experts said it is being laundered and converted into real cash by illegal means.
The Lazarus Group has also committed other large cybercrimes, such as the 2014 Sony hack, and the theft of $620 million in crypto in 2022. FBI is now collaborating with other authorities to trace and recover the stolen funds. The attacks have led cybersecurity experts to call on cryptocurrency exchanges to enhance security and remain vigilant to avoid similar attacks in the future.
Source: Business Inspection BD
