The Federal Bureau of Investigation (FBI) on Wednesday attributed the theft of approximately $1.5 billion in virtual assets from cryptocurrency exchange ByBit to North Korean hackers.
The agency said it refers to this cyber activity as “TraderTraitor.”
The FBI stated that the stolen assets have been rapidly converted into Bitcoin and other virtual currencies, which have been dispersed across thousands of addresses on multiple blockchains. It warned that the assets are expected to be further laundered and eventually converted into fiat currency.
ByBit, which serves over 60 million users globally, confirmed on Friday that an attacker had gained control of an ether wallet and transferred its holdings to an unidentified address. The exchange provides trading access to a range of cryptocurrencies, including bitcoin and ether.
