The FBI said the North Korean government is “responsible” for the hack at crypto exchange Bybit, which resulted in the theft of more than $1.4 billion in Ethereum cryptocurrency.
On Wednesday, the bureau released a public advisory, attributing the hack to a group known as TraderTraitor.
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“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 blockchains. It is expected these assets will be further laundered and eventually converted to fiat currency,” the FBI wrote.
On February 21, Bybit said it had been a victim of a heist where hackers netted 401,346 Ethereum — around $1.4 billion at the time. Soon after, security firms and researchers accused North Korean government hackers of the theft. Bybit has since launched a $140 million bounty to get help tracing and freezing the stolen funds.