The Federal Bureau of Investigation announced on Wednesday that North Korea is accountable for stealing approximately $1.5 billion in virtual assets from the cryptocurrency exchange ByBit. The agency has labeled this North Korean cyber activity as "TraderTraitor."
According to a public service announcement by the FBI, "TraderTraitor actors are moving quickly and have already converted some of the stolen assets to bitcoin and other virtual assets spread across numerous addresses on multiple blockchains."
The FBI anticipates that these assets will undergo further laundering and eventual conversion into fiat currency.
ByBit disclosed on Friday the breach of an ether wallet and the subsequent transfer of the funds to an undisclosed address. Serving over 60 million users globally, the exchange provides access to a variety of cryptocurrencies, including bitcoin and ether.