Bybit Offers $140 Million Bounty to Recover Stolen Crypto
Bybit, a top cryptocurrency exchange, is offering a huge reward to recover stolen funds. The exchange is ready to give 10% of the recovered money, which could reach up to $140 million. This is part of their effort to get back over $1.4 billion in stolen Ethereum.
Bybit’s CEO, Ben Zhou, said they received strong support from the crypto community. He believes this shows the industry can work together against bad actors. Bybit is also working to improve its security and liquidity.
On-chain investigator ZachXBT found that North Korea’s Lazarus Group was behind the hack. The stolen funds were moved in four steps:
- 401,347 ETH worth $1.12 billion
- 90,376 stETH worth $253.16 million
- 15,000 cmETH worth $44.13 million
- 8,000 mETH worth $23 million
ZachXBT also discovered that Bybit’s Ethereum multisig cold wallet was hacked during a routine transfer. The hackers changed the smart contract logic while showing the correct wallet address. This allowed them to steal the funds.
Bybit is steadfast to recover the stolen crypto and strengthen its security. They are calling on cybersecurity experts to help in this effort.Learn more about the bounty here.
