North Korean Hackers Execute Largest Cryptocurrency Heist in History

North Korean state-backed hackers have stolen approximately $1.5 billion in cryptocurrency, marking the largest theft in crypto history, according to Chainalysis. The cyber attackers infiltrated the systems of Dubai-based exchange Bybit to steal Ether, eclipsing previous records set by criminals in 2024, who stole around $1.3 billion.

Security experts believe the notorious Lazarus Group, linked to North Korea’s intelligence agency, executed the latest heist. This attack demonstrates the advanced tactics employed by North Korean hackers, which include hacking and social engineering to deceive targeted employees into revealing sensitive information, Chainalysis noted.

The funds stolen in this single incident exceed the total of the largest bank theft ever, when Saddam Hussein took $1 billion from the Iraqi central bank in 2003. Analysts highlight that North Korea's cyber operations are increasingly leveraging sophisticated hacking techniques as a means of funding its economy, which is heavily sanctioned globally.

As of now, Bybit assured it possesses sufficient assets to cover its losses, labeling the incident an “isolated incident.”