The U.S. Federal Bureau of Investigation (FBI) announced on Thursday that North Korea is responsible for the theft of approximately $1.5 billion in digital assets from the cryptocurrency exchange Bybit. The hack, which took place on February 19, 2025, is now recognized as the largest cryptocurrency heist in history. The FBI stated that the stolen assets are expected to be laundered and eventually converted into fiat currency.

The FBI has labeled this cyberattack “TraderTraitor,” referring to it as a specific malicious activity linked to North Korea. According to the agency, the hackers have quickly converted a portion of the stolen assets into Bitcoin and other virtual currencies, dispersing them across thousands of addresses across multiple blockchains. The FBI warns that these assets will continue to be laundered and later exchanged for traditional government-backed currencies, known as fiat currency.

In response to the breach, Bybit, the Dubai-based cryptocurrency exchange, has set up a reward system for individuals who assist in recovering the stolen funds. The company’s CEO, Ben Zhou, emphasized the importance of transparency, calling it “our most potent weapon” in the fight against cybercrime. He further stated that the company’s multi-pronged approach sends a clear message: “If you steal, you will be found, and justice will be swift.” Bybit is actively tracking and freezing the stolen assets to mitigate the impact of the attack.