FBI: North Korean hackers behind record-breaking Bybit crypto heist

North Korean hacking operation TraderTraitor, also known as Lazarus Group, was formally accused by the FBI of having perpetrated the attack against major Dubai-based cryptocurrency exchange Bybit Technology that resulted in the theft of $1.5 billion worth of Ethereum, making it the largest cryptocurrency breach yet, reports The Associated Press.

"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," said the FBI in an online public service alert, which comes as Bybit unveiled a $140 million bounty program for individuals aiding in the recovery of the stolen cryptocurrency.

While neither the Bybit hack nor the FBI's allegations have been acknowledged by North Korea, the country's involvement in illicit activity targeting cryptocurrency assets to support its economy and nuclear weapons program has been well documented.