North Korean hacker group ‘Lazarus Group’ has once again come under fire for one of the world’s largest cryptocurrency hacking incidents. Recently, they hacked the system of Dubai-based cryptocurrency company ‘Bybit’ and stole about $150 million worth of cryptocurrency. The hackers have already been able to convert $300 million of this stolen money into cash.

Experts say this is the biggest theft in the history of cryptocurrency.

What happened?
Two weeks ago, Lazarus Group hacked Bybit’s digital ‘Ethereum’ wallet and stole a huge amount of cryptocurrency. Ethereum or Ether is the second most valuable cryptocurrency in the crypto world. Since the hack, hackers have been playing a cat-and-mouse game with Bybit and cybersecurity experts to prevent the stolen cryptocurrency from being recovered and redeemed.

Hacker skills
Dr. Tom Robinson, co-founder of cryptocurrency investigation firm Elliptic, said, “Every minute counts for hackers. They are trying to disrupt crypto transactions and they are very skilled at it.” He also noted that North Korean hackers are also the best in the world at smuggling cryptocurrency.

Use of money
Experts believe that the stolen money will be used for the North Korean regime’s military and nuclear development. US and international experts have long alleged that North Korea raises money for its military and destructive weapons programs through cryptocurrency hacking.

Crypto Hacking Statistics
According to research by blockchain analytics company Chainalysis, North Korean hackers stole 60 percent of all cryptocurrency stolen worldwide in 2024, or about $1.34 billion worth of cryptocurrency. The company also said that crypto hacking incidents involving North Korea are “increasingly frequent.”

Bybit’s position
Founded in 2018, Bybit had early investors including US President Donald Trump and former PayPal chief Peter Thiel. After the hack, Bybit said that 20 percent of the $1.5 billion stolen was still “in the dark,” meaning it was unlikely to be recovered.

Previous major incidents
Previously, the theft of $620 million worth of Ethereum and USD coins from the Ronin Network in 2022 caused a stir in the cryptocurrency world. This was one of the biggest incidents in the history of crypto hacking by North Korean hackers.

Conclusion
This crypto hacking by North Korean hackers has created a new crisis in global cybersecurity. Strengthening security measures in the cryptocurrency world and taking strict action against hackers is the need of the hour. Experts fear that North Korean hackers may carry out larger-scale hacking in the future, which poses a threat to the global economy.