The Federal Bureau of Investigation (FBI) has accused North Korea of orchestrating a staggering $1.5 billion theft from cryptocurrency exchange ByBit, marking one of the largest digital heists ever recorded.
In a public service announcement on Wednesday, the FBI revealed that North Korean hackers, identified under the codename “TraderTraitor,” were behind the sophisticated cyberattack. The agency said the hackers moved quickly to convert a significant portion of the stolen assets into bitcoin and other cryptocurrencies across multiple blockchains.
The FBI warned that the stolen funds are expected to be laundered further and eventually converted into fiat currency, making them harder to trace. The agency urged financial institutions and cryptocurrency platforms to be on high alert for suspicious transactions linked to the stolen funds.
ByBit, a cryptocurrency exchange serving over 60 million users globally, confirmed that the attacker gained control of an ether wallet, transferring its holdings to an unknown address. The platform, known for providing access to major digital currencies like bitcoin and ether, said it is working closely with law enforcement to track the stolen funds and prevent further breaches.
The FBI’s disclosure underscores growing concerns about North Korea’s aggressive cyber operations, which have become a critical source of funding for the country’s heavily sanctioned regime. Experts say that Pyongyang’s cyber units have increasingly turned to cryptocurrency theft as a means to bypass international sanctions and finance their weapons programs.
The ByBit breach adds to a series of high-profile crypto thefts linked to North Korea in recent years. U.S. authorities have repeatedly warned that the regime’s state-sponsored hackers are targeting financial platforms worldwide, using advanced techniques to exploit vulnerabilities and obscure their tracks.
As investigations continue, the FBI is urging cryptocurrency exchanges and individual investors to tighten security measures and report any suspicious activity. The agency also stressed that public vigilance is crucial in curbing the impact of North Korea’s cybercrime operations.
ByBit has yet to disclose the exact amount stolen from its ether wallet, but security analysts believe the damage could have long-lasting effects on the broader cryptocurrency market.