Bybit CEO Urges eXch to Freeze Lazarus Funds, Offers 5% Reward
1min read Bybit's CEO has called on eXch to freeze the funds of the Lazarus group, a North Korean hacking organization, and offered a 5% reward for doing so. The CEO, Ben Zhou, stated that this action would help to combat cybercrime and protect the crypto community. The Lazarus group is believed to be behind several high-profile hacks, including the $620 million hack of the Ronin network in March 2022.
The call to action comes as the crypto market continues to face challenges from hacking groups. In the past hour, the 1inch investment fund has spent $1.14 million to buy 4.7 million 1INCH tokens, while BlackRock has deposited 18,168.3 ETH and 1,800 BTC to Coinbase. Meanwhile, a whale known as "7 Siblings" has spent 28.75 million DAI to buy 12,070 ETH after the market dip.
Bybit has also been active in the market, buying an additional 36,893 ETH via OTC three hours ago. The exchange has been expanding its presence in the crypto market, recently launching a new trading platform in China. The platform, called Bybit China, is designed to provide a seamless trading experience for Chinese users.
The call to freeze the Lazarus funds has been met with mixed reactions from the crypto community. Some have praised Bybit's initiative, while others have raised concerns about the potential for misuse of the reward system. Despite the controversy, the call to action highlights the growing importance of security in the crypto market.
