Bybit Begins Awarding Bounties for Tracing and Freezing Stolen Crypto

Cryptocurrency exchange Bybit has taken a proactive step in addressing the issue of stolen funds by launching a bounty program aimed at tracing and freezing illicit transactions. In a significant move, Bybit has awarded a collective bounty of $4.2 million to five bounty hunters who have successfully helped identify and freeze funds that were stolen from the exchange during a recent hack.

The initiative is part of Bybit's commitment to protecting its users' assets and promoting a secure trading environment. The exchange has set a total bounty of $140 million, which represents 10% of the estimated $1.4 billion in stolen cryptocurrency. This substantial reward underscores Bybit's dedication to holding perpetrators accountable for their actions.

Bybit's efforts to combat cybercrime and protect its users' funds are a testament to the exchange's commitment to regulatory compliance and risk management. The move also highlights the importance of collaboration between exchanges, law enforcement agencies, and the cryptocurrency community in combating illicit activities.

The successful bounty hunters have demonstrated exceptional skill and expertise in tracking down and freezing stolen assets. Their contributions will undoubtedly help Bybit enhance its security measures and prevent similar incidents from occurring in the future.

Bybit's $140 million bounty program is an impressive response to the threat of cybercrime, demonstrating the exchange's commitment to protecting its users' interests. As the cryptocurrency landscape continues to evolve, it is essential for exchanges like Bybit to stay vigilant and proactive in addressing emerging risks and threats.