FBI Links North Korea to $1.5 Billion Crypto Heist from ByBit

The FBI has identified North Korea as the culprit behind the massive $1.5 billion cryptocurrency theft from ByBit, a major crypto exchange. The agency attributed the attack to the "TraderTraitor" hacking group, known for targeting digital asset platforms.

According to the FBI, the stolen funds have been rapidly converted into Bitcoin and other cryptocurrencies and dispersed across thousands of blockchain addresses. Authorities anticipate that the assets will be laundered and exchanged for fiat currency through complex cyber operations.

ByBit, which serves over 60 million users worldwide, reported the breach last Friday. Hackers allegedly gained access to an Ethereum wallet and transferred funds to an unknown address. The exchange has not disclosed the full extent of the losses.

This latest incident underscores North Korea’s ongoing involvement in high-profile crypto heists, which help fund its regime. The country’s cybercriminals have previously orchestrated multi-billion-dollar hacks on exchanges and DeFi platforms.

Authorities urge crypto firms to enhance security measures against evolving cyber threats. The FBI continues to track the stolen funds and warns that they may soon be funneled through illicit laundering networks.

This breach highlights the persistent risks in the crypto sector, reinforcing the need for stronger cybersecurity measures to combat state-sponsored attacks.