Bybit Launches ‘War’ Against North Korean Hacking Group Lazarus Following $1.46 Billion Theft
Bybit is taking aggressive steps to recover all funds stolen in recent hacker thefts, which resulted in the exchange losing $1.46 billion. The CEO of Baybit has announced a war on the North Korean hacker group Lazarus, which is responsible for the largest cryptocurrency robbery to date. To facilitate this, the Bybit team has developed a bounty website to track stolen funds and offers a 5% bonus.
We won’t stop: Bybit CEO
Bybit CEO Ben Zhou, who recently suffered the largest single-day attack in history, is expanding his bounty program in an effort to get from North Korea-sponsored hacker group Lazarus Group Recover funds.
Zhou announced on the website V1 lazarusbounty.comallowing individuals to contact their wallets and become “bounty hunters”. The site’s live rankings are “good” and “bad” actors, as well as their response times to deals related to the sanctioned Lazarus Group.
Bybit CEO Ben Zhou summoned users to participate in the fight with the Lazarus Group to be responsible for stealing $1.5 billion in fundraising from the exchange on February 21. Zhou Jie introduced a bounty website where participants who successfully freeze illegally transferred funds can earn rewards. Initially, helpers can get 5% of recovery cryptocurrency for their efforts. Payment will be “immediately when freezing.”
Additionally, the website notes that unusually effective interventions will receive a 10% bounty, which could be as high as $140 million.
The CEO said: “We have assigned a team to maintain and update the website until we eliminate Lazarus or bad actors in the industry. In the future, we will also be tempted to other victims of Lazarus,” the CEO said. open.”
Security expert Zachxbt designated Lazarus Group as the perpetrator of the February 21 hacker, with assets of more than $1.4 billion. According to the bounty website, the mantle has frozen nearly $41 million and Zachxbt has frozen $181,000 worth of funds.
Exchange denies recouping $94 million
According to Analytics’ Elliptic, the Lazarus Group has developed into the “second phase of money laundering.” This stage involves “hierarchy” in which stolen funds have changed across platforms, including major blockchains such as Bitcoin and anonymous services such as Exch, which refutes the claim to promote money laundering on its non-KYC platforms .
Please read also: Bybit claims 100% recycling $1.46B of crypto hacks in just two days – but the truth is
In order to deal with violations, bybit Effectively managed to supplement its ether reserves, ensuring that its client assets have fully recovered to a “100% 1:1” ratio.
From 2017 to 2023, North Korea-related hackers reportedly stole more than $3 billion from cryptocurrency exchanges. However, Bybit’s violations are expected to be the most expensive violation in cryptocurrency history, burglarying $625 million in 2022 at Ronin Bridge.
