A financial firm, recently victimized in what is potentially the largest theft to date, is turning to the public to help recover its losses by crowdsourcing online bounty hunters.

Last week, hackers believed to be affiliated with North Korea’s infamous Lazarus Group absconded with $1.46 billion (£1.1 billion) in cryptocurrency from ByBit, a popular cryptocurrency trading platform.

These cybercriminals are attempting to quickly liquidate their massive haul through an intricate online money laundering scheme.

In response, ByBit is now offering cash rewards to individuals who can help identify and halt the criminals from cashing out their stolen assets.

“Join us in the battle against Lazarus,” the company’s CEO Ben Zhou declared online, sharing a link to a new platform that invites participation in this bounty initiative.

Cryptocurrencies are stored in public wallets that anyone can search, making it feasible to trace the funds as the thieves break them into smaller amounts and route them through multiple channels to obscure their origins.

The newly launched website features a live leaderboard showcasing the companies and individuals who have successfully traced portions of the stolen coins.

Under this bounty initiative, individuals who effectively persuade a company managing the funds to freeze the assets will receive 5% of the identified amount. Likewise, the companies that take action will also earn 5%.

This platform is already highlighting millions of dollars allocated to successful crypto traceurs.

“We’ve established a dedicated team to continually manage and update this website; we won’t relent until we eliminate Lazarus and other malicious actors in the industry,” asserted Mr. Zhou.

Crypto investigative firm Elliptic has referred to this endeavor as a “remarkably positive innovation.”

“There are many skilled blockchain investigators out there who will now be incentivized to track these stolen assets and assist in their recovery,” added Tom Robinson from Elliptic.

However, Louise Abbott, a partner specializing in crypto fraud at Keystone Law, cautioned that this heist could “undermine trust” in an already “volatile” industry. She commented, “If such a breach can occur on this scale within the second-largest exchange globally, it could certainly happen again.”

The absence of authorities, such as central banks or regulatory bodies, in cryptocurrency transactions leaves victims of cybercrime without a clear avenue for assistance.

This situation has compelled ByBit to rely on the goodwill of other crypto entities to assist them in their plight.

However, not all companies have stepped forward.

ByBit’s website tracks crypto firms that have failed to respond to requests for aid.

One such exchange, known as eXch, is allegedly refusing to cooperate.

Elliptic’s research suggests that eXch is distinguished for enabling anonymous swaps of cryptoassets.

In a recent blog post, Elliptic claims that “hundreds of millions of dollars in cryptoassets linked to criminal activities, including numerous thefts orchestrated by North Korea,” have been laundered through this platform.

Currently, approximately $75 million from the ByBit breach has been traced moving through this website, according to their analysis.

eXch has yet to respond to the BBC’s request for comment.

ByBit has announced plans to extend its bounty platform to other victims targeted by the notorious North Korean hacking group.

The website features a logo that incorporates an image of North Korean leader Kim Jong Un with a knife through it.

Global crypto investigators attribute this hacking incident to a group responsible for around $6 billion worth of cryptocurrency thefts in recent years.

Experts state that the appropriated funds are believed to be used by the isolated state to bypass international sanctions and enhance its military capabilities.

North Korea has consistently denied any involvement with the Lazarus Group.