Bybit Declares "War on Lazarus"

Cryptocurrency exchange Bybit has launched a crowdsourced effort to track and freeze funds stolen by the Lazarus hacking group, declaring a "war on Lazarus" in the process. The exchange's CEO, Ben Zhou, announced the initiative on social media, unveiling the first bounty site that provides full transparency on the group's money laundering activities.

The website, which tracks over 6,300 addresses linked to Lazarus, has already resulted in the freezing of around $42.3 million in stolen assets. Bybit is offering a 5% bounty for any submissions that lead to the freezing of funds. Zhou stated that the exchange has dedicated a team to maintain and update the website, vowing to continue the effort until Lazarus and other bad actors are eliminated.

The hack on Bybit, which resulted in a loss of nearly $1.5 billion, sent shockwaves through the crypto market. The Lazarus Group, a North Korean hacking organization, was later identified as the mastermind behind the attack, which was dubbed "the largest crypto theft of all time." Despite the significant loss, Bybit's CEO confirmed that the exchange could cover the loss.