The U.S. Federal Bureau of Investigation (FBI) announced on Thursday that North Korea was responsible for stealing approximately $1.5 billion in digital assets from a cryptocurrency exchange.
According to the company, hackers took around $1.5 billion in digital assets from Dubai-based crypto exchange Bybit on February 19, marking the largest cryptocurrency theft ever recorded.
The FBI cautioned that the stolen assets would likely be laundered and eventually converted into traditional currency.
“FBI refers to this specific North Korean malicious cyber activity as ‘TraderTraitor,’” the agency stated in a public announcement.
“Trader Traitor 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,” the FBI added.
“It is expected these assets will be further laundered and eventually converted to fiat currency.”
Fiat currency is government-issued money that is not backed by a physical commodity like gold.
Bybit has introduced a bounty system to help track and recover the stolen funds.
CEO Ben Zhou emphasized that transparency is key in fighting cybercrime.
“We are taking a stand to ensure that every transaction is visible and every hacker is held accountable.”
“Our multifive-pronged offensive is a clear message: if you steal, you will be found, and justice will be swift,” Zhou said.
