Bybit has announced a $140 million reward for help in recovering the $1.5 billion stolen in the largest hack in history.
Details of the Attack
On February 21, hackers stole over $1.4 billion in stETH, mETH, and other ERC-20 tokens from Bybit's cold wallets. The stolen funds were quickly laundered through mixers and blockchain bridges. North Korea’s Lazarus Group has been linked to the theft. Blockchain investigator ZachXBT confirmed that 5,000 ETH was laundered through eXch and converted to Bitcoin via Chainflip. The report was initially posted on Telegram and later confirmed on X.
Bybit's Response and Support Measures
Bybit is not waiting for authorities and calls on the community to help trace the stolen funds. Bybit's co-founder and CEO, Ben Zhou, confirmed that the exchange will pay out 10% of recovered funds to those who aid in recovery efforts. An independent Proof-of-Reserves audit by Hacken confirmed that Bybit's assets exceed liabilities despite the loss.
Strategies and Crypto Community Support
Bybit is maintaining solvency through repurchasing ETH to support liquidity. A suspected Bybit address received $100 million USDT, using it to buy 36,900 ETH via OTC desks. Major industry players like Binance and Bitget have provided emergency liquidity assistance.
Bybit's efforts and the support from major firms demonstrate the crypto community's resilience in overcoming challenges following the largest hack in its history.
