North Korea stole $1.5 billion from Bybit and Iran's central bank quietly spent it

Blockchain analysis from TRM Labs traced Bybit hack proceeds, stolen by North Korea's Lazarus Group in February 2025, through CoinEx to wallets linked to Iran's central bank and the IRGC. The Wall Street Journal reported on June 25 that Iranian entities moved $3.84 billion through CoinEx since 2019, exposing years of compliance failures at exchanges that operate beyond the reach of U.S. and EU enforcement.