In an official advisory, the FBI outlined how North Korean actors carried out the attack, stating:
“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.”
The federal agency has identified more than 50 Ethereum addresses connected to the attack and is urging the private sector to block transactions associated with these addresses. The hackers are reportedly attempting to launder the stolen funds and convert them into legal tender.
North Korea’s Ongoing Crypto Attacks
The U.S. government has long monitored North Korean cyber activities, particularly their focus on blockchain and cryptocurrency-related businesses. A Cybersecurity Advisory issued in April 2022 warned:
“The U.S. government has observed North Korean cyber actors targeting a variety of organizations in the blockchain technology and cryptocurrency industry, including cryptocurrency exchanges, decentralized finance (DeFi) protocols, play-to-earn cryptocurrency video games, cryptocurrency trading companies, venture capital funds investing in cryptocurrency, and individual holders of large amounts of cryptocurrency or valuable non-fungible tokens (NFTs).”
