Bybit Takes a Stand Against Cybercrime
In a bold move, cryptocurrency exchange Bybit has declared an all-out “war” against the notorious Lazarus Group, a hacking entity linked to North Korea. The exchange has unveiled a dedicated website aimed at tracking the group’s wallet addresses, with the goal of crowd-sourcing investigative efforts to recover stolen funds. As an incentive, Bybit is offering a 5% bounty for submissions that successfully lead to freezing these illicit assets.
Transparency and Community Engagement
This decisive action was announced by Bybit’s CEO, Ben Zhou, through a social media post where he emphasized the launch of the first-ever “bounty site” that provides complete transparency on the money laundering activities associated with Lazarus. Zhou encouraged users to connect their wallets to the new platform, enabling them to assist in tracing the stolen funds. He highlighted that contributors would receive their bounty immediately upon the freezing of any identified assets.
Commitment to Eliminate Cyber Threats
Zhou further elaborated on Bybit’s commitment to this initiative, stating, “We have dedicated a team to maintain and update this website. We will not rest until Lazarus and other bad actors in the industry are eradicated.” He also mentioned plans to eventually extend the platform’s resources to assist other victims of the Lazarus Group.
Tracking Progress and Impact
As of now, the website has identified and is tracking 6,338 addresses associated with the Lazarus Group. Impressively, approximately $42.3 million has already been successfully frozen, representing a little over 3% of the total stolen assets. This campaign follows a significant incident where a staggering $1.5 billion was reportedly stolen from Bybit, marking it as one of the largest hacks in cryptocurrency history.
The Aftermath of the Hack
The recent hack sent shockwaves throughout the crypto market, leading to a notable decline in the prices of various digital assets. With the Lazarus Group identified as the primary perpetrator, the implications of this heist have been described as “the largest crypto theft of all time, by some margin.”
Bybit’s proactive measures highlight the importance of community involvement in combating cybercrime within the cryptocurrency space, and the exchange’s initiative represents a significant step towards safeguarding funds and enhancing industry security.
