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March 26, 2025 31 mins

North Korea just executed the biggest crypto heist in history, stealing USD 1.5 billion from Bybit. But how did they do it? And can they be stopped? On this episode of TRM Talks, Jean Lee (The Lazarus Heist) and Nick Carlsen (TRM Labs, Former FBI) join Ari to break down:

  • The making of a cyber army — how North Korea recruits and trains hackers from childhood
  • The Bybit hack step by step — from infiltration to laundering strategies
  • The role of Chinese money laundering networks in enabling illicit finance
  • What governments and public-private partnerships can do to disrupt these operations


With cybercrime and national security threats on the rise, this is a conversation you can’t afford to miss.


Today’s Guests

Jean Lee, Journalist and Presidential Chair, East-West Center

Nick Carlsen, Senior Investigator, TRM Labs

Host: Ari Redbord, Global Head of Policy, TRM Labs


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