WASHINGTON — On Wednesday, the FBI revealed that North Korea has been identified as the perpetrator behind the theft of roughly $1.5 billion in digital currencies from the cryptocurrency platform ByBit.

This particular cybercrime operation is referred to by the agency as “TraderTraitor.”

According to the FBI, “TraderTraitor operatives are acting swiftly, having already converted a portion of the stolen funds into bitcoin and other cryptocurrencies, which have been spread across thousands of wallets on multiple blockchains,” as noted in their public service announcement.

The agency also indicated that these assets are likely to be further laundered and eventually exchanged for traditional currency.

ByBit disclosed on Friday that an attacker seized control of an Ether wallet and moved the assets to an unknown address.

Serving over 60 million users globally, ByBit provides access to a wide range of cryptocurrencies, including Bitcoin and Ether.