Bybit has launched a platform to track and freeze funds linked to the Lazarus hacking group, offering bounties to internet detectives.
Bounty System: How It Works
The new platform, LazarusBounty.com, was launched to engage the crypto community in fighting one of the industry's biggest threats. The website offers full transparency by tracking sanctioned transactions and rewarding users who help bring criminals to justice. Users can become crypto detectives by connecting their wallets and submitting intelligence on suspicious transactions. If their leads result in a fund freeze, they receive a bounty. Exchanges, mixers, and other platforms that assist in freezing funds receive a 5% cut of the bounty.
Transparency and Industry Reputation
To keep everyone accountable, the platform ranks industry players based on their response times to Lazarus-related transactions. No one wants to land on the 'bad actor' list, which publicly records those who help facilitate illegal activities.
Future Upgrades and Platform Features
The initiative also includes a live API to update wallet addresses flagged for illicit activity. Exchanges and blockchain analytics firms like Arkham, Elliptic, and TRM Labs can tap into this data to bolster security measures. This is just Version 1 of the project, but more improvements are promised. Upcoming features include live updates on suspect wallets, showing their latest balances and movements, allowing bounty hunters to 'claim' a wallet, track its activity, and earn rewards when frozen funds are confirmed.
Bybit's platform marks a new step in contesting financial crimes in the crypto industry. It provides a tool of transparency and control that unites community efforts for more effective threat mitigation.
