FBI accuses North Korea of largest crypto hack in history

North Korea is responsible for the theft of around $1.5 billion in virtual assets from the Dubai-based Bybit cryptocurrency exchange, the US Federal Bureau of Investigation claimed on Wednesday. The heist, which was reported last week, is believed to be the largest crypto hack in history.

While the FBI did not attribute the hack to a specific North Korean group, it said the attackers used something called ‘TraderTraitor’, a set of malicious cryptocurrency applications that trick victims into installing malware under the guise of job offers. Once installed, the malware allows hackers to compromise financial systems and steal funds.

The agency claimed that the hackers quickly began converting portions of the stolen assets into Bitcoin and other cryptocurrencies, dispersing them across thousands of addresses on multiple blockchains. The alleged North Korean perpetrators are expected to later launder the funds and convert them into fiat currency to evade detection, the statement read…