Bybit has launched a bounty website to track funds stolen by the Lazarus Group in the largest hack in crypto industry history.
Bybit Launches Tracking Initiative
Bybit has offered a 10% bounty on recovered assets, potentially up to $140 million. The platform aims to improve transparency in tracking stolen cryptocurrency and recovering assets following the February 21 hack that resulted in a $1.4 billion loss.
How Lazarus Launders Stolen Cryptocurrency
Lazarus Group uses a two-step process to conceal the origins of stolen funds. Initially, hackers convert stolen tokens into blockchain assets to bypass freezes. Subsequently, they distribute the funds across multiple wallets, complicating tracking efforts.
History of Lazarus Group's Cybercrimes
Lazarus Group has been known for cyberattacks since 2009. They were responsible for stealing $81 million from the Bangladesh Bank in 2016 and the WannaCry ransomware attack in 2017, which affected over 300,000 computers in 150 countries.
Bybit's bounty site offers means to recover assets stolen by the Lazarus Group, drawing public attention to the issue of money laundering.
