Bybit has announced a bounty for assistance in recovering funds stolen by the Lazarus Group, following a recent theft of funds from the exchange.
Bybit's Initiative Against Lazarus
Bybit CEO Ben Zhou announced a new bounty program, offering a 5% reward for those who assist in freezing stolen assets. The program allows potential bounty hunters to register using cryptocurrency wallets and monitor their activities on lazarusbounty.com.
Details of the Attack and Consequences
Bybit lost over 400,000 ETH, valued at approximately $1.5 billion, on February 22, 2025. The attack, attributed to Lazarus Group, involved a compromised multi-signature transaction. Blockchain analytics firm Elliptic noted that Lazarus initiated the second phase of laundering, distributing funds across multiple wallets and bridging them to various blockchains.
Recovery Efforts and Collaboration
Despite the complexity of recovering the stolen funds, Bybit has already recovered $43 million with help from Mantle, mETH developers, and SEAL 911. Tether also aided by freezing $181,000 in stolen funds in its USDT stablecoin.
Bybit continues its efforts in recovering stolen funds, collaborating with various technological and analytical partners. The reward program aims to attract more participants to strengthen security in the crypto industry.
