Bybit Theft Shows Crypto Moves Faster Than It Converts to Fiat
Photo: TokenPost
The theft of about $1.5 billion from Bybit shows how quickly stolen crypto can spread across blockchains while conversion into fiat currency creates more points where assets may be identified or restrained. The FBI attributed the theft, which occurred on or about Feb. 21, 2025, to North Korean actors tracked as TraderTraitor. Some of the assets were quickly converted into Bitcoin (BTC) and other virtual assets before being distributed across thousands of addresses on multiple blockchains. That process turned the incident into more than a single transfer.
Source: TokenPost
