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Hacked crypto exchange Bybit offers $140M bounty to trace stolen funds
Bybit, a cryptocurrency exchange, is offering a $140 million bounty to trace $1.4 billion stolen by hackers, likely linked to North Korean cybercriminals. The bounty rewards 5% of recovered funds for individual and entity informants. The attack's root cause was identified as malicious code introduced via SafeWallet infrastructure, leading to calls for the elimination of the Lazarus Group exploiting crypto vulnerabilities.
Key points
- Hackers stole around $1.4 billion in Ethereum from Bybit.
- Bybit offers a total of $140 million in bounties to trace and freeze the stolen funds.
- For every amount traced and frozen, 5% goes to the finder and 5% to the entity freezing it.
- Bybit has already awarded $4.23 million to bounty hunters for their help.
- CEO Ben Zhou linked the attack to the Lazarus Group, North Korean hackers known for targeting cryptocurrencies.
- The breach originated from malicious code within SafeWallet's infrastructure.
- Security firms Sygnia Labs and Verichains conducted the forensic investigation.
Why it matters
- The Bybit hack is part of a larger trend of increasing cyberattacks targeting cryptocurrency exchanges.
- In 2024, North Korean-backed hackers stole $650 million in cryptocurrency, underscoring ongoing security challenges.
- Previous high-profile crypto heists and rising cybersecurity measures reflect continuing vulnerabilities in the crypto industry.
- The growing use of bounty systems to recover stolen assets indicates a shift in response strategies within the cybersecurity landscape.
Bybit's $140 million bounty signals an urgent response to the largest crypto heist in history, highlighting the persistent threat of cybercrime in the evolving digital finance landscape.