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Following a major security breach that cost Bybit an
estimated $1.5 billion in losses, the crypto exchange is taking matters into
its own hands. Today (Tuesday), the exchange launched
LazarusBounty.com, an industry-first bounty platform designed to expose
hackers, recover stolen funds, and increase transparency in blockchain
security.
The Lazarus Group is a North Korean suspected
state-sponsored cyber threat organization that has been active since at least 2009 and is reportedly attributed to the Reconnaissance General Bureau, an affiliate of the country’s
military.
Harnessing Blockchain Intelligence
“Join us on war against Lazarus (lazarusbounty.com), the Industry’s first bounty site that shows aggregated full transparency on the sanctioned Lazarus money laundering activities,” Ben Zhou, Bybit’s CEO, commented on X. “V1 includes:
– Becoming a bounty hunter by connecting your wallet and help tracing the fund, when your submitted bounty leads to freeze, bounty is paid upfront upon instantly at freezing.”
Join us on war against Lazarus – https://t.co/6DnaH1WTId Industry first bounty site that shows aggregated full transparency on the sanctioned Lazarus money laundering activities. V1 includes: – Becoming a bounty hunter by connecting your wallet and help tracing the fund, when…
— Ben Zhou (@benbybit) February 25, 2025
Bybit’s new approach combines expert investigations,
real-time blockchain analysis, and community-driven reporting to fight illicit
activities effectively, the exchange announced.
The platform consolidates security intelligence from
top blockchain security firms, deploys expert investigators, and enables a
merit-based reward system for individuals who contribute to tracking and
freezing stolen assets.
LazarusBounty.com reportedly integrates security data
from leading blockchain analytics firms such as Chainalysis, Arkham, and
GoPlus. By creating a central hub of security information,
Bybit aims to enable the crypto community to take proactive action against
cyber threats. Rapid Response from
The announcement mentioned that when major breaches occur, LazarusBounty.com immediately activates a panel of elite blockchain detectives, including ZachXBT and SlowMist founder Yu Xian.
The security breach has contributed to a decline in
the price of most digital assets. At the time of publication, Bitcoin traded at
$87,035, representing a 7% decline in the past day, according to CoinMarketCap
data.
LazarusBounty.com’s Features
To strengthen its fight against cybercriminals, Bybit
has established a Decentralized Security Alliance Council. Composed of chief
security officers from major blockchain networks, this advisory group plays a
crucial role in shaping policies, responding to security incidents, and
ensuring accountability across the crypto space.
Bybit’s platform doesn’t just track criminals, it
rewards those who help catch them. LazarusBounty.com features a bounty reward
leaderboard, where contributors who successfully trace illicit funds receive
recognition and compensation.
The total bounty stands at $140 million, with 10% of
recovered assets distributed as follows: 5% awarded to the entity that
successfully freezes the stolen funds. 5% allocated to individuals who help
trace the funds.
One of the new platform’s key features is an automated
notification system that alerts exchanges and platforms when stolen funds reach
a traceable endpoint.
This article was written by Jared Kirui at www.financemagnates.com. and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
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