Hackers successfully laundered 499,000 ETH stolen from the ByBit exchange. The FBI has linked this attack to North Korea.
FBI Confirms North Korean Involvement
The FBI has officially confirmed that North Korea was behind the ByBit hack. On February 26, 2025, the agency issued a public statement identifying the TraderTraitor cyber actors as responsible for the attack. The hackers converted portions of the stolen ETH into Bitcoin and other cryptocurrencies, dispersing funds across thousands of addresses.
How the Hack Happened
The hack occurred during a routine transfer of Ethereum from an offline 'cold' wallet to a 'warm' wallet for daily trading. The attackers exploited security vulnerabilities to gain access to the funds and transferred them to an unknown address. ByBit reassured users that their assets were secure and pledged to cover any losses.
Efforts to Recover the Stolen Funds
ByBit is actively working to recover the stolen funds, calling upon cybersecurity experts and blockchain analysts for assistance. The company is offering a 10% bounty on any recovered funds. This incident raises concerns about North Korean cyber operations.
The FBI continues its efforts to block transactions linked to the hackers, urging crypto platforms to collaborate in combating such threats.
