FBI Confirms North Korean Hackers Behind $1.5 Billion Bybit Theft
A major breach in the cryptocurrency sector has once again put the spotlight on the increasing risks of hacking, with Bybit becoming the latest target.
Hackers made off with $1.5 billion in Ethereum (ETH) from the platform, with the FBI attributing the attack to North Korea’s cyber group, known as “TraderTraitor.”
The FBI issued a warning to crypto exchanges, nodes, and service providers, urging them to block any transactions linked to the stolen funds.
Authorities revealed that they have identified 51 Ethereum addresses associated with the attackers, which are now being monitored to prevent further illicit activities.
READ MORE: Four Arrested in South Korea Over Suspicious Crypto-Related Murder
As part of their efforts to trace the stolen funds, blockchain analytics firms, including Elliptic and Chainalysis, have flagged over 11,000 wallet addresses.
These addresses are believed to be involved in laundering the stolen Ethereum, some of which has already been converted into Bitcoin and other altcoins. The stolen assets are expected to be further dispersed across various platforms in a bid to eventually convert them into fiat currency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
