The FBI has attributed the theft of approximately $1.5 billion in virtual assets from cryptocurrency exchange ByBit to North Korea, labeling the operation as “TraderTraitor.” The agency warned that the stolen assets have been rapidly converted to bitcoin and dispersed across multiple addresses on various blockchains. It is expected that the assets will be further laundered and eventually converted to fiat currency. ByBit confirmed that an attacker gained control of an ether wallet and transferred the holdings to an unidentified address. The exchange serves over 60 million users globally and provides access to different cryptocurrencies such as bitcoin and ether. The FBI’s investigation highlights the ongoing threat of cybercrime in the cryptocurrency space and emphasizes the importance of safeguarding virtual assets against malicious actors.
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