FBI says North Korea masterminded $1.5bn crypto theft from Bybit

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The Federal Bureau of Investigation (FBI) has accused North Korea of orchestrating the hack of Bybit, the world’s second-largest cryptocurrency exchange by trading volume.

The FBI stated that the Democratic People’s Republic of Korea (DPRK) coordinated the theft of roughly $1.5 billion USD in virtual assets from Bybit, a platform serving over 50 million users.

The cyber attack took place around February 21, and the FBI identified the specific North Korean cyber operation as “TraderTraitor.”

According to the FBI, the stolen assets have been converted into bitcoin and other cryptocurrencies, spread across thousands of addresses on multiple blockchains.

“It is expected these assets will be further laundered and eventually converted to fiat currency,” the public service announcement added.

The FBI’s public service announcement advised private sector entities and virtual asset service providers to block transactions linked to addresses used by the TraderTraitor operation.

The announcement also provided a list of dozens of Ethereum addresses that have either held or currently hold assets from the theft, which are believed to be operated by or connected to the hackers.

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