Key Takeaways
- The FBI confirmed North Korea stole $1.5 billion from ByBit.
- The stolen funds are being rapidly converted and laundered.
- ByBit reported the hack involved an unauthorized ether wallet transfer.
The Federal Bureau of Investigation (FBI) announced Wednesday that North Korea was behind the theft of approximately $1.5 billion in virtual assets from cryptocurrency exchange ByBit.
The agency referred to the cyber operation as “TraderTraitor.”
Conversion & laundering of stolen assets
According to the FBI, the hackers have been converting the stolen assets into bitcoin and other digital currencies, dispersing them across thousands of addresses on multiple blockchains.
the FBI stated in a public service announcement:
TraderTraitor actors are proceeding rapidly.
They added that the stolen funds are expected to be further laundered and eventually converted into fiat currency.
ByBit’s confirmation of the attack
ByBit confirmed the attack last Friday, stating that an unauthorized party had gained control of an ether wallet and transferred its holdings to an unknown address.
The exchange, which serves over 60 million users globally, offers access to bitcoin, ether, and other digital assets.
North Korea’s history of cyber thefts
North Korea has been linked to several high-profile cyber thefts in recent years, with stolen funds often used to finance the country’s weapons programs.
The FBI continues to monitor the situation as authorities work to track and recover the stolen assets.
