The U.S. Federal Bureau of Investigation says North Korea is behind the theft of about $1.5 billion in digital assets from a cryptocurrency exchange.

The crypto firm said hackers stole about $1.5 billion in digital assets from Dubai-based crypto exchange Bybit on February 19, marking the biggest cryptocurrency heist ever recorded.

The FBI warned that the assets would be laundered and eventually converted into currency.

“FBI refers to this specific North Korean malicious cyber activity as ‘TraderTraitor’,” the FBI said in a recent public announcement.

“Trader Traitor 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 agency said.

Fiat currency refers to a government-issued currency not backed by a physical commodity such as gold.

Bybit has offered a bounty to those who help them recover the losses, setting up an online system to trace and freeze stolen funds.

Chief Executive Ben Zhou said transparency was not just a principle but “our most potent weapon” against cybercrime.

“We are taking a stand to ensure that every transaction is visible and every hacker is held accountable.

“Our multifive-pronged offensive is a clear message: if you steal, you will be found, and justice will be swift,” said Mr Zhou.

(dpa/NAN)