Bybit CEO Ben Zhou works to get back money taken from Lazarus by North Korean state hackers through what may be history’s biggest single-day cyber theft.
Because of a malware attack Lazarus hackers made off with $1.5 billion worth of tokens from Bybit but the exchange quickly defended its assets and traced the culprits. Under CEO Ben Zhou Bybit has grown its bug payout reward system to attract people and groups who can locate the stolen digital assets.
Lazarus Bounty: A New Tool to Track Stolen Assets
The initial version of lazarusbounty.com lets users access the platform by connecting their wallets to hunt for stolen assets. Bybit users earn good or bad rankings according to their performance in halting digital funds when used by Lazarus Group.
Zhou posted on X that businesses desire to stay clear of the list of bad actors. This tool documents your assistance in stopping transactions that need government approval. Our operation will continue until we find and remove Lazarus or bad actors in our business sector.
The program pays 5% to users who freeze money through platform freezes and similar actions. Freezing takes place right away with immediate payment delivery that stops additional money washing activity.
Bybit gained widespread recognition and esteem after the attack for telling everyone what happened and taking quick action. Right after the incident took place Zhou shared important details about how the exchange saw the problem. Bybit issued an entire investigation into the attack and got funding to keep customer assets secure and payments flowing.
That day Bybit established a 10% reward system to help people find assets taken during the hack. The company reported on Monday its ETH reserves were restored fully while withdrawals resumed operating at regular speed.
Law Enforcement Recovers $43 Million from Crypto Hackers
The Lazarus Bounty program will provide this service to more victims of the same type of hacks as part of its expansion. Zhou plans to add changes to improve the program’s result effectiveness. The industry professionals praise this step.
The leadership at Dragonfly Capital thinks Bybit made a great decision. Bybit marks out both exchanges and bounty trackers who help stop money transfers from Lazarus Group through a visible reward system and calls out those who decline to participate. Crypto enthusiasts support this as the most authentic theft blockage strategy. Love it.”
Blockchain firm Elliptic finds that Lazarus Group has started its second phase of money laundering termed as “layering.” Research shows that Lazarus sent multiple tens of millions of dollars to Bitcoin and alternative crypto networks. Even though the US authorities target eXch as the laundering platform the platform continues to reject any involvement in those transactions.
After police assistance from three teams, the law enforcement recovered $43 million of stolen funds from the hackers. USDT desk customers gained back $181000 from their stolen funds Despite lacking clear measurements the blockchain detective ZachXBT shows Lazarus handled over $200 million through cryptocurrency laundering activities during 2020 to 2023.
Bybit stands firmly against Lazarus Group cybercrime while sharing full details about its reward system to crack down on digital theft. Zhou’s industry leadership in handling cybercrimes against cryptocurrencies now guides other companies in their hacking response strategies. The crypto space gains back trust with the measures Bybit implements and the millions of stolen money restored.
This news is republished from another source. You can check the original article here
