The cryptocurrency exchange platform Bybit has announced a significant reward for assistance in recovering a huge sum stolen in a hacker attack.
Details of Bybit Hack
A recent hack, believed to be the largest crypto hack in history, resulted in the theft of $1.4 billion from Bybit. Bybit's CEO and co-founder, Ben Zhou, explained that anyone who helps trace and freeze the stolen funds will receive 5% of the found amount and another 5% for freezing the funds. Preliminary investigation conducted by Sygnia Labs and Verichains revealed the attack's cause as malicious code linked to the crypto wallet infrastructure of SafeWallet.
Measures to Recover Losses
Bybit announced it has partially restored the lost funds through loans, whale deposits, and ETH purchases. The company received 157,660 ETH from an unknown source via over-the-counter buying, and another 22,609 ETH from a similar source. Loans exceeding $127 million were provided, notably by MEXC and Bitget. An unknown entity transferred 20,000 ETH, Mirana Ventures transferred 10,000 ETH, and another address linked to Fenbushi Capital made a similar transfer.
Fight Against Lazarus Group
Security researchers and firms believe the Bybit hack may involve Lazarus Group, a North Korean-backed hacking organization. Ben Zhou declared a confrontation with the group and announced the creation of a bounty website to trace money laundering activities by the group. According to reports by the US, Japan, and South Korea, Lazarus Group stole $650 million in crypto thefts only in 2024. In 2023, $660.5 million was stolen across 20 incidents.
The Bybit incident highlights the growing security threats in the crypto industry. Companies must thoroughly vet job candidates and strengthen protective measures to prevent such breaches.
