WASHINGTON – The FBI announced on Wednesday that it has identified North Korea as the culprit behind the theft of around $1.5 billion in virtual assets from cryptocurrency exchange ByBit. The agency has labeled this particular cyber attack as “TraderTraitor.”
According to the FBI, the TraderTraitor actors have been swift in their actions, converting some of the stolen assets into bitcoin and other virtual currencies spread across numerous addresses on various blockchains. The agency also warned that it anticipates the assets will undergo further laundering before being converted into fiat currency.
ByBit, which serves over 60 million users globally and provides access to a range of cryptocurrencies like bitcoin and ether, disclosed last Friday that an attacker managed to take control of an ether wallet and transferred the funds to an undisclosed address.
This incident sheds light on the ongoing challenges faced by cryptocurrency exchanges in safeguarding users’ assets from cyber attacks. The FBI’s identification of North Korea as the perpetrator highlights the global reach and impact of such malicious activities.
The theft of $1.5 billion in virtual assets underscores the urgency for increased cybersecurity measures within the cryptocurrency industry. Analysts have warned that these incidents could further erode trust in digital assets and hinder the mainstream adoption of cryptocurrencies.
As authorities continue to investigate the incident, ByBit and other cryptocurrency exchanges are expected to implement enhanced security protocols to mitigate the risk of future attacks. The FBI’s public announcement serves as a cautionary reminder for individuals and organizations involved in the cryptocurrency market to remain vigilant against cyber threats.