Crypto Exchange Bybit Offers $140 Million Bounty for Help in Recovering Stolen Funds
After Suffering a Massive Hack
Bybit, a prominent cryptocurrency exchange, has announced that it will offer a $140 million bounty to on-chain security experts who can help the company recover its stolen assets. This move comes after the exchange suffered a massive hack, with over $1.4 billion worth of Ethereum and related tokens stolen.
Bybit’s Response to the Hack
Within 24 hours of the hack, Bybit received an overwhelming response from the crypto community, with many experts and organizations offering their support. Bybit’s co-founder and CEO, Ben Zhou, expressed gratitude for the support, stating, "We have shared in a dark moment of crypto history, and we’ve proven we are better than the malicious actors."
Recovery Bounty Program
Bybit has launched a Recovery Bounty Program, offering 10% of the recovered funds, up to $140 million, to on-chain security experts who can help the company retrieve its stolen assets. This initiative is aimed at rewarding the community for their expertise, experience, and support in making this difficult lesson a valuable one.
Investigation Ongoing
The investigation into the hack is still ongoing, with Bybit working closely with various organizations and experts to identify the perpetrators. Recent developments suggest that the hack may be linked to North Korea’s Lazarus group, with prominent on-chain sleuth ZachXBT providing evidence of the connection.
ZachXBT’s Findings
ZachXBT, a well-known on-chain security expert, has been tracking the hack and has identified several key findings. In a series of Twitter threads, ZachXBT has connected the Bybit hack to other attacks believed to be executed by Lazarus, including the Phemex and BingX hacks. The expert has also identified an overlap address used in both the Bybit hack and the Phemex hack.
Tether’s Involvement
Paolo Ardoino, CEO of stablecoin giant Tether, has announced that his company has frozen $181,000 worth of USDT tied to stolen Bybit funds, with the help of ZachXBT. Ardoino has stated, "Might not be much, but it’s honest work. We keep monitoring."
Conclusion
The hack on Bybit is a significant setback for the crypto community, but Bybit’s swift response and commitment to recovering its stolen assets are a testament to its resilience. The company’s decision to offer a $140 million bounty to on-chain security experts is a bold move that demonstrates its commitment to making amends and improving its security infrastructure.
FAQs
Q: What happened in the Bybit hack?
A: Bybit suffered a massive hack, with over $1.4 billion worth of Ethereum and related tokens stolen.
Q: Who is responsible for the hack?
A: The investigation is still ongoing, but recent developments suggest that the hack may be linked to North Korea’s Lazarus group.
Q: What is Bybit’s plan to recover its stolen assets?
A: Bybit has launched a Recovery Bounty Program, offering 10% of the recovered funds, up to $140 million, to on-chain security experts who can help the company retrieve its stolen assets.
Q: How can I get involved in the Recovery Bounty Program?
A: Eligible experts can apply for the program by submitting their proposals and proof of work to Bybit.
Q: What is the current status of the investigation?
A: The investigation is still ongoing, with Bybit working closely with various organizations and experts to identify the perpetrators and recover the stolen assets.
