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War Against Lazarus: Bybit Launches New Website to Track Stolen Funds
Bybit, a cryptocurrency exchange, has declared a "war against Lazarus" and launched a new website to track the group’s wallet addresses, aiming to crowdsource investigative efforts. In return for submissions that lead to frozen funds, the exchange is offering 5% of what gets frozen.
CEO’s Statement
Bybit’s CEO, Ben Zhou, announced the initiative in a social media post, stating, "We have assigned a team to dedicate to maintain and update this website, we will not stop until Lazarus or bad actors in the industry is eliminated. In the future, we will open it up to other victims of Lazarus as well."
How it Works
The website allows users to connect their wallets to trace the stolen funds. When a submission leads to funds getting frozen, a "bounty is paid upfront" as soon as assets are frozen.
Current Progress
Currently, 6,338 addresses tied to the Lazarus group are being tracked on the website, and around $42.3 million have already been frozen, corresponding to just over 3% of the stolen assets.
Background
The $1.5 billion hack of cryptocurrency exchange Bybit rocked the crypto market and saw most digital asset prices tumbling. It was later reported that North Korea’s Lazarus Group was behind the attack, which was deemed "the largest crypto theft of all time, by some margin."
Conclusion
Bybit’s initiative to track and freeze Lazarus’s assets is a significant step towards combating cybercrime in the cryptocurrency industry. The exchange’s commitment to transparency and crowd-sourced investigation is a testament to its dedication to protecting its users and the broader crypto community.
FAQs
Q: What is the purpose of the new website?
A: The website is designed to track the Lazarus group’s wallet addresses and facilitate crowd-sourced investigative efforts to freeze stolen funds.
Q: How do I connect my wallet to the website?
A: Users can connect their wallets to the website to trace the stolen funds and help freeze Lazarus’s assets.
Q: What is the reward for submissions that lead to frozen funds?
A: Bybit is offering 5% of what gets frozen as a reward for submissions that lead to frozen funds.
Q: How much has been frozen so far?
A: Around $42.3 million have been frozen, corresponding to just over 3% of the stolen assets.
Q: Who is behind the attack?
A: The attack was attributed to North Korea’s Lazarus Group.
