The FBI has publicly accused the North Korean government of orchestrating a major hack on cryptocurrency exchange Bybit, which culminated in the theft of over $1.4 billion worth of Ethereum. The hackers, identified as the TraderTraitor group, quickly converted stolen assets into Bitcoin and other cryptocurrencies, dispersing them across numerous blockchain addresses, suggesting a sophisticated effort to launder and eventually cash out the funds. In response to the breach, Bybit has initiated a significant bounty to assist in recovering the stolen assets.
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.
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.
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