The Federal Bureau of Investigation (FBI) has attributed the theft of approximately $1.5 billion in virtual assets from the cryptocurrency exchange ByBit to North Korea. The FBI released a public service announcement, stating that this cyber activity is part of a North Korean operation known as “TraderTraitor.”
The FBI explained that the “TraderTraitor” actors have moved quickly to convert some of the stolen assets into bitcoin and other virtual currencies, dispersing them across thousands of addresses on multiple blockchains. The agency anticipates that these stolen assets will be further laundered and eventually converted into fiat currency.
ByBit, the affected cryptocurrency exchange, reported that an attacker gained control of an ether wallet and transferred the holdings to an unidentified address. ByBit, which serves over 60 million users worldwide, offers access to various cryptocurrencies like bitcoin and ether.
This theft marks another example of North Korea’s involvement in cybercrime, particularly targeting the cryptocurrency space for financial gain.
