North Korean hackers have pulled off the largest cryptocurrency heist in history, stealing $1.5 billion from “Bybit”, a major crypto exchange, according to security experts.
The staggering theft surpasses all previous crypto hacks and nearly doubles the total amount North Korea stole in digital heists last year.
Targeting Bybit’s massive user base
Bybit, which claims to be the world’s second-largest cryptocurrency exchange with over 40 million users, was hit on Friday.
Within minutes, hackers drained a significant portion of North Korea’s estimated annual GDP.
By the weekend, they had already laundered $160 million through a network of accounts linked to North Korean operatives, according to crypto-tracing firm TRM Labs, as reported by American outlet, CNN.
North Korea’s cybercrime machine
Experts warn that Pyongyang’s elite hacking units have become a crucial financial lifeline for the heavily sanctioned regime, helping fund its nuclear and missile programs.
Reports from the United Nations and private firms indicate that North Korean hackers have stolen billions from banks and crypto platforms in recent years.
In 2023, a White House official revealed that roughly half of North Korea’s missile program funding came from these cyber thefts.
Nick Carlsen, a former FBI intelligence analyst specialising in North Korea, described the scale of the Bybit hack as unprecedented.
“The ability of these illicit financial networks to absorb such huge amounts of money so quickly is deeply concerning,” he said.
Bybit responds to the hack
Despite the massive loss, Bybit CEO Ben Zhou assured users that the exchange remains solvent and can cover the stolen funds.
In a statement, the company confirmed that it is working closely with regulators and law enforcement agencies to address the hack.
An FBI spokesperson declined to comment on the heist, while CNN has reached out to the North Korean embassy in London for a response.
Tracking the stolen crypto
Recovering stolen cryptocurrency remains a race against time. Once North Korean operatives steal funds, they quickly move them through a complex web of digital currency swaps before converting them into US dollars or Chinese yuan.
Law enforcement agents monitoring these transactions often have mere minutes to intercept the funds.
Investigators have so far managed to claw back only a fraction of the stolen money.
Crypto security experts reported recovering $43 million, while Tom Robinson, co-founder of crypto-tracing firm Elliptic, said an additional $243,000 had been seized. “A drop in the ocean, but a start,” Robinson noted.
Bybit has offered a 10% reward to any security experts who help retrieve stolen funds.
Calls for stronger action against North Korea
The Bybit hack serves as an early test for how the Trump administration will handle North Korea’s growing reliance on cybercrime.
Carlsen warned that current efforts to stop North Korean hackers are failing. “The strategy from governments and industry clearly isn’t working,” he said.
“People should be going back to the drawing board right now on how to deter and punish North Korea for these hacks.”
With cyber theft proving to be a powerful financial weapon for North Korea, global law enforcement agencies now face mounting pressure to step up their fight against Pyongyang’s cybercriminal network.
