- FBI has attributed the record $1.5 billion Bybit cryptocurrency heist to North Korean Hackers, identifying the attack as “TraderTraitor.”
- Stolen assets are being rapidly converted to Bitcoin and dispersed across thousands of addresses on multiple blockchains.
- Bybit has launched a bounty program and online tracking system to freeze and recover the stolen funds.
The Federal Bureau of Investigation has officially identified north korea as the perpetrator behind the largest cryptocurrency theft in history—approximately $1.5 billion in digital assets stolen from Bybit, the Dubai-based trading platform, on February 19.
FBI investigators have labeled this specific North Korean cyber operation as “TraderTraitor,” warning that the hackers are moving quickly to obscure their digital trail. According to the agency, the attackers have already converted portions of the stolen assets to Bitcoin and other cryptocurrencies, distributing them across thousands of addresses on multiple blockchains.
“It is expected these assets will be further laundered and eventually converted to fiat currency,” the FBI stated, referring to traditional government-issued money not backed by physical commodities like Gold.
In response to the unprecedented breach, Bybit has established a bounty program offering rewards to individuals who assist in recovering the stolen funds. The exchange has also implemented an online system specifically designed to trace and freeze the compromised assets.
Ben Zhou, Bybit’s Chief Executive Officer, emphasized the company’s commitment to transparency in addressing the attack. “We are taking a stand to ensure that every transaction is visible and every Hacker is held accountable. Our multi-pronged offensive is a clear message: if you steal, you will be found, and justice will be swift,” Zhou declared.
The timing of this attack is particularly significant for the cryptocurrency industry, which has faced increasing regulatory scrutiny over security vulnerabilities. Founded in 2018, Bybit has grown to become the world’s second-largest cryptocurrency exchange by trading volume, serving a global user base exceeding 60 million people.
Security experts have long identified North Korean state-sponsored Hacking groups as major threats to cryptocurrency platforms, with the country reportedly using stolen digital assets to fund government operations amid international sanctions.
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