Bybit Announces $140 Million Bounty, $43 Million Recovered
Bybit announced a $140 million bounty program as part of its efforts to trace and potentially recover $1.4 billion of stolen funds.
The initiative is related to the recent repossession of CMETH and USDT worth more than $43 million.
Bybit participates in $140 million bounty program with ethics hackers
February 22, Byebi Announce Bounty program designed to attract ethical hackers and cybersecurity experts to help recover Stolen assets.
Bybit has promised to recycle 10% of the funds as a reward. If the full amount is retrieved, the contributor may receive up to $140 million.
The exchange will allocate bounty among individuals who provide valuable intelligence or play a direct role in asset recovery.
Bybit, CEO of Ben Zhou Strong reaction from the crypto community was highlighted. He pointed out that industry experts and organizations have stepped forward to assist.
He stressed the importance of cooperation in opposing cyber threats and reiterated it Bybitt is committed to strengthening its security infrastructure.
“We hope to formally reward us with the community we lend us their expertise, experience and support through the Recovery Bounty Program, and our efforts to make this difficult course a valuable one don’t stop there. Bybit’s determination to go beyond setbacks , fundamentally change our Safety Infrastructure, improve mobility, and become a firm partner of our friends in the crypto community. ” he added.
Recover more than $43 million in stolen funds
In addition to bounty announcements, efforts to recover lost assets have yielded results. Digital assets worth more than $43 million have been secured, with major industry players stepping in to prevent further losses.
Mudit Gupta, Chief Information Security Officer, Polygon Confirmed Ethereum (CMETH) with 15,000 mantle resting is recovered, worth about $43 million. He said searching was made possible through collaboration with the SEALs and the Mantle team.
Gupta explained that they identified security gaps in the agreement, which allowed them to recover assets.
“After hacking and sealing tied me to the mantle/meth team that achieved this, I saw the possibility of recovery. “Scream, the mantle and the meth team’s quick action,” Gupta said. ”
In another statementthe Mantle team confirmed that it used the agreement’s eight-hour withdrawal delay to block exploiters’ addresses. This measure prevented further unauthorized transactions and obtained stolen funds.
also, Stablecoin issuer tying USDT has frozen $181,000 with the hacker link. Although the number is relatively small, Tether CEO Paolo Ardoino Emphasize the importance of industry cooperation in limiting financial losses.
“We just freeze 181,000 USDT connected to Bybit Hack. Probably not too much, but it’s honest work. We keep monitoring,” Ardoino explain.
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