Bybit launches $140M Lazarus Bounty to track stolen crypto funds
Baybit opens the hunt for Lazarus
Following the largest crypto theft in history, Bybit took just two days to introduce Lazarus Bounty, a platform for tracking stolen funds and rewarding those who help recover them.
On-chain analysts have presented multiple pieces of evidence linking the attack on Bybit’s cold wallet to the North Korean Lazarus Group, a state-backed hacking syndicate that allegedly uses stolen funds to purchase sanctioned goods, including weapons, electronics, and nuclear components.
According to Arkham, crypto investigator ZachXBT provided the "final proof" connecting Lazarus to the Bybit hack. This led to the launch of a platform dedicated to tracking and reclaiming stolen assets.
Bybit CEO Ben Zhou stated that Lazarus Bounty was built in just two days and is still a preliminary version, with a more advanced site coming soon. However, the platform already allows users to monitor the hacker hunt and track progress on fund recovery.
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Zhou also emphasized that he is open to all proposals and committed to rewarding anyone who assists in retrieving the stolen funds.
The largest crypto bounty program in history
Lazarus Bounty serves as a global hub for cybersecurity experts, blockchain analysts, and ethical hackers to collaborate on tracking and recovering stolen assets.
Bybit has also introduced a blacklist API, providing a continuously updated list of wallet addresses linked to hacks, enabling security specialists and other crypto platforms to monitor or block transactions involving these addresses.
Anyone can become a hacker hunter by connecting their wallet through the platform. 10% of the frozen funds is split evenly between those who help track and those who freeze the stolen assets, with an upfront reward paid immediately after a successful freeze.
With $1.4 billion in stolen ETH, the potential bounty stands at a staggering $140 million. This makes Lazarus Bounty the largest ethical hacking reward program in crypto history, aiming to cripple Lazarus Group before law enforcement can take action.
As we wrote, Chainflip, the decentralized exchange (DEX) specializing in cross-chain swaps, is preparing a significant upgrade aimed at preventing Bybit hackers from exploiting its platform for money laundering.
