Bybit offers $140M reward for stolen Ethereum; TRM Labs links hack to North Korea
Bybit, a leading cryptocurrency exchange with a user base of 60 million, has initiated a Recovery Bounty Program following a staggering US$1.4 billion Ethereum breach. The platform is granting up to 10% of any recovered funds, amounting to a potential of US$140 million, to cybersecurity professionals and analysts who aid in the retrieval of the pilfered assets.
According to TRM Labs, a blockchain analytics company, the breach has been linked to North Korean cybercriminals, with a clear correlation observed between the addresses implicated in the Bybit breach and prior cyber thefts associated with the nation. The assailants infiltrated one of Bybit’s stored offline wallets, leading to a significant surge in the total amount absconded by North Korean hackers within a single day. Bybit has issued a call to the worldwide cybersecurity community to actively participate in monitoring and recuperating the looted cryptocurrency.
Individuals and entities with pertinent expertise are urged to reach out to Bybit at [email protected] for assistance. Ben Zhou, the CEO of Bybit, emphasized the company’s commitment to recognizing and rewarding the community members who contributed their skills, knowledge, and assistance through the Recovery Bounty Program. Zhou affirmed that Bybit intends to transcend this setback by undergoing a fundamental transformation of its security protocols, enhancing liquidity, and continuing to be a reliable ally to the cryptocurrency community.
The intention behind the Recovery Bounty Program is not only to incentivize efforts to reclaim the stolen assets but also to foster collaboration within the cybersecurity sphere to bolster the resilience of cryptocurrency exchanges against such attacks in the future. As the crypto landscape continues to evolve and attract increasingly sophisticated threats, initiatives like the Recovery Bounty Program play a crucial role in safeguarding the assets and trust of users in the crypto ecosystem.
Bybit’s proactive approach in responding to the breach underscores the company’s commitment to protecting its users and their assets, while also signaling a broader industry-wide recognition of the importance of cybersecurity in the cryptocurrency space. By engaging with the global cybersecurity community and soliciting their assistance in tracking and recovering the stolen funds, Bybit is not only seeking to address the immediate impact of the breach but also to fortify its defenses for the future.
In conclusion, the launch of the Recovery Bounty Program by Bybit in response to the US$1.4 billion Ethereum hack underscores the company’s dedication to addressing security vulnerabilities and collaborating with cybersecurity experts to protect its users and the broader crypto community. The initiative represents a proactive step towards enhancing the resilience of cryptocurrency exchanges against sophisticated cyber threats and signals a collective commitment to safeguarding the integrity of the cryptocurrency ecosystem.
