Bybit Launches $140M Bounty to Combat Lazarus Hackers

Cryptocurrency exchange Bybit has taken a significant step in combating cybercrime by launching a bounty website dedicated to tracking the activities of the Lazarus hacker group. The platform, which went live on February 25th, offers a 5% reward of recovered funds to contributors who aid in tracing the stolen assets.

The total bounty stands at 10% of the recovered funds, with a potential maximum payout of $140 million if all stolen funds are successfully retrieved. The rewards are allocated as follows: 5% to entities that successfully freeze the funds, and another 5% to those who assist in tracing the funds' movements.

Bybit CEO Ben Zhou announced the launch of the bounty website on his social media channels, emphasizing the platform's commitment to transparency in displaying data on Lazarus' money laundering activities. This move is part of Bybit's ongoing efforts to enhance security and protect its users from cyber threats.

The Lazarus hacker group, believed to be backed by the North Korean government, has been responsible for numerous high-profile cyberattacks, including the 2014 Sony Pictures hack and the 2017 WannaCry ransomware attack. The group is also suspected of being behind several cryptocurrency exchange hacks, resulting in the theft of millions of dollars in digital assets.

The launch of the Bybit bounty website is a proactive measure aimed at deterring future attacks and recovering stolen funds. By offering a substantial reward for information leading to the recovery of stolen assets, Bybit is encouraging the cryptocurrency community to work together in the fight against cybercrime.