The Federal Bureau of Investigation (FBI) has officially attributed the massive crypto heist at Bybit, a cryptocurrency exchange, to the North Korean government. In a public advisory released on Wednesday, the FBI named the hacking group "TraderTraitor" as the perpetrators behind the theft of over $1.4 billion in Ethereum.

The hack, which occurred on February 21, resulted in the theft of 401,346 Ethereum, equivalent to approximately $1.4 billion at the time. Shortly after the incident, security firms and researchers pointed to North Korean government hackers as the likely culprits. The FBI's confirmation of the attribution marks a significant development in the investigation.

According to the FBI, the stolen assets are being rapidly laundered and dispersed across thousands of addresses on multiple blockchains. The bureau warned that the assets are expected to be further laundered and eventually converted to fiat currency. This complex process of money laundering highlights the challenges faced by law enforcement agencies in tracing and recovering stolen cryptocurrencies.

In response to the hack, Bybit has launched a $140 million bounty to encourage assistance in tracing and freezing the stolen funds. This move demonstrates the exchange's commitment to recovering the stolen assets and bringing the perpetrators to justice.

The attribution of the hack to North Korean government hackers raises concerns about the role of nation-states in cybercrime. The incident underscores the need for cryptocurrency exchanges and other financial institutions to bolster their security measures to prevent such attacks. Furthermore, it highlights the importance of international cooperation in combating cybercrime and bringing perpetrators to justice.

The Bybit hack is one of the largest cryptocurrency heists in history, and the FBI's attribution of the incident to North Korean hackers has significant implications for the crypto industry and global cybersecurity efforts. As the investigation continues, it remains to be seen whether the stolen assets can be recovered and the perpetrators brought to justice.

Individuals with information about the Bybit hack or other crypto heists are encouraged to contact the authorities securely. For those with information, Lorenzo Franceschi-Bicchierai can be reached on Signal at +1 917 257 1382, or via Telegram and Keybase @lorenzofb, or email. Additionally, TechCrunch can be contacted via SecureDrop.