The global governing body for track and field revealed it had submitted detailed information to the appropriate judicial and legal authorities to support a criminal investigation.
World Athletics said it had terminated the contracts of a consultant and an employee in connection with the theft, while another staff member had already left the organisation before the wrongdoing was uncovered.
President Sebastian Coe vowed to use "the full force of the law" to recover the stolen funds.
"Too many organisations brush incidents like this under the carpet, terminating employment with limited information which allows perpetrators to continue their scams and thefts within new organisations. We are not that type of organisation," said Coe.
"We have built a strong reputation for good governance, transparency and for defending what is right, even if it is sometimes a little uncomfortable. This is uncomfortable but it is important that we do the right thing."