Bybit has unveiled a $140 million bounty program as part of its efforts to track down and recover $1.4 billion in stolen funds.
This initiative comes alongside the recovery of over $43 million in cmETH and USDT associated with the incident.
Bybit Enlists Ethical Hackers in $140 Million Bounty Initiative
On February 22, Bybit announced a bounty program aimed at engaging ethical hackers and cybersecurity professionals to help recover stolen assets.
Bybit has pledged to give up to 10% of the refunded funds as a reward. If the full amount is refunded, shareholders could receive up to $140 million.
The exchange will distribute rewards among individuals who provide valuable information or play a direct role in recovering the assets.
Ben Zhou, CEO of Bybit, highlighted the strong response from the crypto community, noting that industry experts and organizations have already stepped forward to help.
He stressed the importance of cooperation in combating cyber threats and reaffirmed Bybit’s commitment to strengthening its security infrastructure.
“We want to formally reward our community for their expertise, experience, and support through the Refund Rewards Program, and our efforts to make this difficult lesson a valuable one do not stop here. Bybit is determined to overcome the setback and radically transform our security infrastructure, improve liquidity, and be a consistent partner to our friends in the crypto community,” he added.
More than $43 million in stolen funds recovered
Along with the bounty announcement, efforts to recover lost assets have already yielded results. Over $43 million in digital assets have been secured, with major industry players stepping in to prevent further losses.
Polygon’s Chief Information Security Officer, Mudit Gupta, confirmed the recovery of 15,000 Mantle Ethereum (cmETH), worth approximately $43 million. He said the recovery was made possible through collaboration with SEAL Teams and Mantle.
Gupta explained that they identified a security hole within the protocol, which enabled them to recover the assets.
“I saw the potential for recovery shortly after the hack and SEAL connected me with the Mantle/mETH team who made it possible. Big thanks to the SEAL, Mantle, and mETH teams for their quick action,” Gupta said.
In a separate statement, the Mantle team confirmed that it had blocked the exploiter’s address using the protocol’s eight-hour withdrawal delay. This move prevented further unauthorized transactions and secured the stolen funds.
Additionally, stablecoin issuer Tether froze $181,000 in USDT linked to the hack. While the amount is relatively small, Tether CEO Paolo Ardoino emphasized the importance of industry collaboration to limit financial losses.
“We just froze $181,000 in assets related to the ByBit hack. It may not be a lot but it’s an honest business. We’re continuing to monitor,” Ardoino said.
