Bybit is determined to recover the $1.46 billion stolen in a recent hack orchestrated by the North Korean hacking group Lazarus. The CEO of Bybit, Ben Zhou, has declared war against Lazarus and has initiated aggressive measures to track down the stolen funds. To aid in this mission, the Bybit team has launched a bounty website where individuals can participate as “bounty hunters” to freeze illicitly transferred funds and earn rewards.
Zhou announced the expansion of the bounty program on X, unveiling the website lazarusbounty.com. This platform allows users to link their wallets and actively participate in the recovery efforts. Participants who successfully freeze stolen funds can earn a 5% reward upfront, with the possibility of receiving a 10% bounty for exceptionally effective interventions.
“We will not stop until Lazarus or bad actors in the industry are eliminated,” stated CEO Ben Zhou. The Bybit team is dedicated to maintaining and updating the bounty website to ensure the recovery of the stolen funds. Additionally, the platform aims to extend its support to other victims of Lazarus in the future.
Security expert ZachXBT identified the Lazarus Group as the culprits behind the $1.4 billion hack that occurred on February 21. The bounty website highlights successful interventions by individuals such as Mantle and ZachXBT, who froze significant amounts of illicitly transferred funds.
In response to the hack, analytics firm Elliptic revealed that the Lazarus Group had entered the “second stage of laundering,” involving the transfer of stolen funds across various platforms. Notably, eXch, a major blockchain platform, has denied allegations of facilitating money laundering on its non-KYC platform.
Despite the challenges posed by the hack, Bybit has managed to replenish its Ethereum reserves and restore client assets to a “100% 1:1” ratio. The exchange’s swift actions demonstrate a commitment to safeguarding user funds and combating cyber threats.
Over the years, North Korean-linked hackers have stolen billions from crypto exchanges, with the Bybit breach marking one of the largest in cryptocurrency history. Bybit’s relentless pursuit of the stolen funds and collaboration with the community reflect a unified effort to combat cybercrime and protect the integrity of the crypto industry.