Binanaceworld

Bybit is taking a bold stand against the North Korean-backed hacking group Lazarus following a massive $1.46 billion exploit. In response to this unprecedented attack, Bybit CEO Ben Zhou has launched an aggressive initiative to track down and recover the stolen funds, introducing a dedicated bounty program to support the effort.

Bybit’s Bounty Program: A Call to Action

To aid in the fund recovery, Bybit has rolled out LazarusBounty.com, a platform where users can become “bounty hunters” by linking their wallets and helping trace illicit transactions. The website features a live ranking of both “good” and “bad” actors based on their responsiveness in dealing with suspicious funds.

Participants who successfully freeze stolen assets will receive an upfront reward of 5%, while those who make a significant impact could earn up to 10% of recovered funds, potentially reaching $140 million in bounties.

“We have a dedicated team working around the clock to update this website and ensure these bad actors are held accountable,” said CEO Ben Zhou. “We won’t stop until Lazarus and other malicious players in the industry are eliminated. In the future, we plan to expand this initiative to help other victims of Lazarus as well.”

Bybit’s Resilience and Response

Despite the scale of the attack, Bybit has acted swiftly to fully replenish its Ethereum reserves, ensuring that customer assets remain intact with a 100% 1:1 backing.

Meanwhile, blockchain security expert ZachXBT has been instrumental in identifying Lazarus as the group behind the attack. Already, $41 million has been frozen by Mantle, while ZachXBT himself secured an additional $181,000.

Challenges in Recovering Funds

The Lazarus Group has now entered the “second stage of laundering”, according to blockchain analytics firm Elliptic. This involves shuffling stolen funds across multiple platforms—including Bitcoin, privacy mixers, and non-KYC exchanges like eXch, which has denied involvement in the laundering process.

A Historic Crypto Heist

Between 2017 and 2023, North Korean hackers reportedly stole over $3 billion from crypto platforms. However, the Bybit breach could become the largest in history, surpassing the $625 million Ronin Bridge hack in 2022.

With Bybit doubling down on its mission to recover funds and fight cybercriminals, the battle against Lazarus is far from over. The crypto community now watches closely as Bybit’s bounty hunters step up to take on one of the most notorious hacking groups.
#BybitLaunchpool #BybitNews #bybit #Binanaceworld #BinanceSquareFamily