The thieves aren’t exactly sitting on their digital loot. They’ve already laundered $160 million within 48 hours of the attack, converting the stolen Ethereum to Bitcoin and other cryptocurrencies. The assets are now scattered across thousands of addresses on multiple blockchains.
The stolen crypto isn’t collecting dust—it’s already bouncing between wallets like a digital shell game.
These guys work fast—like “my-ex-replacing-me” fast.
The FBI isn’t tackling this alone. They’ve issued a call for help from the private sector, sharing wallet addresses connected to the hackers and urging assistance in blocking transactions. This theft is considered potentially unprecedented in scale compared to traditional bank heists. Their goal? Identify and freeze the stolen assets before they vanish completely. Cross-border cooperation isn’t just nice—it’s necessary.
This isn’t North Korea‘s first crypto rodeo. Since 2017, they’ve stolen over $6 billion in cryptocurrency, with $1.34 billion in 2024 alone. That’s 61% of all crypto theft last year. The money reportedly funds their struggling economy and nuclear program. The stolen funds could power massive mining operations consuming significant energy, similar to how Bitcoin mining alone uses 110 TWh annually.
The UN is already investigating 58 suspected North Korean cyberattacks from 2017-2023.
Bybit’s CEO Ben Zhou has acknowledged the FBI’s announcement and offered a $140 million bounty for tracking the stolen crypto. The exchange claims their treasury can cover client losses. Small comfort, considering withdrawals have increased 100-fold since the attack.
The sophisticated attack masked the signing interface and altered smart contract logic. It exploited vulnerabilities while using customized fictional scenarios to target victims. The hackers, identified as TraderTraitor and Lazarus Group by the U.S. government, are known for their advanced persistent threat capabilities.
Recovery efforts have managed to freeze over $40 million in tokens so far. Elliptic, Chainflip, and TRM Labs have all assisted in identifying and stopping portions of the stolen funds.
