Crypto exchange Bybit has launched a recovery bounty program to encourage security researchers and organizations to help recover stolen funds from the largest crypto hack in history. The program offers 10% of any recovered funds, which could lead to a reward of up to $140 million if the full amount is recovered.
Bybit co-founder and CEO Ben Zhou stated that the company wants to “officially reward our community who lent us their expertise, experience, and support” through the Recovery Bounty Program. The company aims to use the bounty funds to improve its security infrastructure, increase liquidity, and partner with the crypto community more effectively.
Security researcher ZachXBT was recently awarded a $34,000 bounty for linking the Lazarus Group to the attack, which has already laundered 5,000 ETH (around $13.7 million). Another recoveries have been reported, including mETH Protocol, which stopped a withdrawal of 15,000 cmETH worth around $43.5 million and moved the funds to a recovery address.
The hack is attributed to the Lazarus Group, a North Korean state-sponsored hacking organization known for using sophisticated phishing schemes. Despite occasional successful recoveries, the group has held onto most of its stolen funds. The FBI alleges that the North Korean government uses these proceeds to fund ballistic missile and nuclear weapons programs.
Bybit encourages individuals and organizations interested in participating in the recovery program to contact [email protected]. This is the largest crypto bounty reward ever offered, and Bybit is determined to use this opportunity to strengthen its security measures and partner more effectively with the crypto community.
Source: https://www.theblock.co/post/342830/bybit-offers-10-bounty-to-anyone-who-assists-in-recovering-funds-from-1-4-billion-hack