Utoo Radio with Other News Sources - March 10, 2025 - North Korean hackers, known as the Lazarus Group, have successfully cashed out over £232 million of their loot during a massive cryptocurrency heist on crypto exchange ByBit.

The Lazarus Group, known for their sophisticated tactics, have been attempting to convert Ethereum, the second most valuable cryptocurrency after Bitcoin, into untraceable currency.

The odds of reclaiming the stolen assets are slim, with around 20% of the stolen crypto believed to have gone dark. Cybersecurity consultant Adam Pilton explains that cryptocurrencies are not entirely anonymous, and that tracking down transactions is difficult due to North Korea's closed economy.

ByBit CEO Ben Zhou has assured customers the rest of their funds are safe and has replenished the stolen funds with loans from investors.

The company has declared war on Lazarus and announced a bounty program to encourage people to track down and report the stolen crypto.

However, authorities are pessimistic about recovering the majority of the loot due to the fundamental nature of blockchain's pseudonymity.

The Lazarus Group has been linked to several high-profile crypto heists, including a $41m hack on UpBit in 2019, a $275m attack on KuCoin in 2020, a Ronin Bridge hack in 2022, and a $100m theft from Atomic Wallet in 2023.