North Korea responsible for $1.5 billion ByBit hack – FBI

The Federal Bureau of Investigation, FBI, on Wednesday, said North Korea was responsible for the theft of approximately $1.5 billion in virtual assets from cryptocurrency exchange ByBit.

The FBI, in a public service announcement, said it refers to this specific North Korean malicious cyber activity as “TraderTraitor.”

“TraderTraitor actors are proceeding rapidly and have converted some of the stolen assets to bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains,” it said.

According to the agency, it is expected that the assets will be further laundered and eventually converted to fiat currency.

Meanwhile, ByBit said an attacker gained control of an ether wallet and transferred the holdings to an unidentified address.

It was gathered that the exchange caters to more than 60 million users worldwide and offers access to various cryptocurrencies, including bitcoin and ether.