Victim of Largest Cryptocurrency Heist in History Announces Bounty to Hunt Hackers

Bybit, a leading cryptocurrency exchange, has been hit by one of the largest heists in history, with over $1.5 billion worth of Ethereum stolen from its platform last week. The breach, which occurred on Friday, saw more than 400,000 Ethereum, along with staked Ethereum coins, being siphoned off by hackers. This devastating incident has sent shockwaves through the cryptocurrency community and has left Bybit officials scrambling to recover the stolen funds.

Bybit's CEO and co-founder, Ben Zhou, has announced a new bounty program aimed at incentivizing the public to track down and freeze the stolen funds. The program offers a 10% reward to anyone who successfully identifies and freezes some of the stolen Ethereum, with 5% going to the individual who discovered it and 5% going to the entity that froze the funds.

The bounty program has already paid out $4.23 million in bounties to five successful bounty hunters, providing a glimmer of hope for Bybit's efforts to recover some of the stolen funds. The program's success is a testament to the determination and expertise of these individuals, who are working tirelessly to bring the perpetrators to justice.

According to Bybit, the culprits behind the hack are believed to be the North Korean government-backed group Lazarus, which has been linked to several high-profile cryptocurrency heists in recent years. The group is notorious for its brazen attacks on cryptocurrency exchanges and platforms, having stolen approximately $650 million in cryptocurrencies just within 2024.

Bybit's forensic investigation, led by Sygnia Labs and Verichains, has uncovered the root cause of the attack: malicious code traced to the infrastructure of SafeWallet, the platform hosting the Ethereum Multisig Cold Wallet. The investigation's preliminary results confirm that this vulnerability was exploited to steal the now-stolen $1.4 billion worth of Ethereum.

Ben Zhou, Bybit's CEO and co-founder, has vowed to take down Lazarus and other bad actors in the industry. "We will not stop until Lazarus or bad actors in the industry is eliminated. In the future we will open it up to other victims of Lazarus as well," he said in a statement. This determination is echoed by Bybit's commitment to recovering the stolen funds and holding those responsible accountable.

The cryptocurrency community remains on high alert as this story continues to unfold. With the bounty program in place, there is renewed hope that some of the stolen funds will be recovered, bringing closure to the victims of this devastating heist. As the investigation into the breach continues, one thing is certain: Bybit and its allies will stop at nothing to bring the perpetrators to justice.