February 27, (THEWILL) – The Federal Bureau of Investigation (FBI), on Wednesday, said that North Korea was behind the theft of about 1.5 billion dollars in digital assets from Bybit, a Dubai-based crypto trading platform.
Bybit reported that hackers on February 19, stole about 1.5 billion dollars in digital assets from the company, marking the biggest cryptocurrency heist ever recorded.
Describing this particular form of North Korean malicious cyber activity as “TraderTraitor”, the FBI warned that the virtual assets, will be laundered and eventually converted into currency.
“FBI refers to this specific North Korean malicious cyber activity as ‘TraderTraitor’. 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 block chains. It is expected these assets will be further laundered and eventually converted to fiat currency”, the agency said.
Fiat currency refers to government-issued currency that is not backed by a physical commodity such as gold.
Bybit has offered a bounty to those that help them recover the losses, setting up an online system to trace and freeze stolen funds.
Chief executive Ben Zhou said transparency was not just a principle, but “our most potent weapon” against 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”, said Zhou.
Founded in 2018, Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users.
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