Following the $1.4B theft from Bybit’s reserves, the exchange launched the Lazarus Bounty platform to enlist help from the crypto community in recovering the funds.
Introduction of the Lazarus Bounty Platform
The Lazarus Bounty platform is designed to unite cybersecurity experts and blockchain analysts to recover stolen assets. It is inspired by the Lazarus hacking group linked to the recent breach. The platform offers a 10% reward from recovered assets to participants aiding in freezing and tracking funds.
Aftermath of the Bybit Heist
On February 21, 2025, Bybit experienced a cyberattack, losing 401K ETH valued at $1.5B. Despite the losses, Bybit asserted its solvency and successfully recovered some funds with the help of various teams and companies.
Security Enhancement Efforts
Bybit actively collaborates with various firms and organizations to improve its defenses against future attacks, including enhancing authentication and conducting regular security audits.
Bybit is making significant efforts to recover stolen funds and improve security, working alongside the global community.
