The U.S. Federal Bureau of Investigation (FBI) has identified North Korea as the mastermind behind a massive $1.5 billion cryptocurrency theft from Dubai-based exchange, Bybit.
The cyberattack, which took place on February 19, marks the largest cryptocurrency heist ever recorded. The FBI warned that the stolen assets are being laundered and converted into various digital currencies.
In an official statement, the FBI referred to the hacking campaign as “TraderTraitor,” a term used for North Korea’s cybercriminal activities targeting cryptocurrency platforms.
“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,” the FBI said.
The agency expects the stolen assets to be further laundered and eventually exchanged for fiat currency—government-issued money not backed by a physical commodity such as gold.
Bybit Takes Action
In response, Bybit has launched an aggressive recovery effort, offering a bounty to anyone who helps trace and freeze the stolen funds. The exchange has also implemented an online tracking system to monitor transactions linked to the hack.
Bybit CEO Ben Zhou emphasized that transparency is the most effective tool against cybercriminals.
“We are taking a stand to ensure that every transaction is visible and every hacker is held accountable,” Zhou stated.
“Our multi-pronged offensive is a clear message: if you steal, you will be found, and justice will be swift.”
Authorities continue to monitor the movement of the stolen assets, urging cryptocurrency exchanges and financial institutions to remain vigilant against illicit transactions.
