ECNETNews reports that Bybit, the second-largest cryptocurrency exchange globally by trading volume, is offering a substantial bounty to resolve the largest theft in crypto history.
The exchange is committing 10% of any recovered funds—potentially up to $140 million—to cybersecurity experts and blockchain analysts who assist in tracking and recovering stolen assets.
This significant bounty is linked to the recovery efforts of over $1.4 billion in compromised Ethereum.
In a statement regarding the ongoing investigation and recovery initiatives, Bybit announced its pledge of 10% of recovered funds to reward ethical cybersecurity and network security experts who contribute to retrieving the stolen cryptocurrencies.
“We received overwhelming support from top professionals and organizations within 24 hours of the incident, which we greatly appreciate. This moment in crypto history serves to demonstrate our resilience against malicious actors,” stated Bybit’s CEO. He highlighted the company’s dedication to enhancing security and liquidity while promoting collaboration across the industry.
Recent investigations by on-chain analyst ZachXBT have pointed to North Korea’s Lazarus Group as the alleged perpetrators behind the hack. The stolen funds were transferred in four separate operations:
- 401,347 $ETH valued at $1.12 billion
- 90,376 $stETH worth $253.16 million
- 15,000 $cmETH equivalent to $44.13 million
- 8,000 $mETH valued at $23 million
ZachXBT earned a 50,000 ARKM bounty for revealing that Bybit’s Ethereum (ETH) multisig cold wallet was compromised during a routine transfer to the exchange’s warm wallet. The hackers exploited the signing interface, causing it to display the correct wallet address while manipulating the underlying smart contract logic.
