Bybit Fights Back: New API, Bounty Rewards, and Elite Task Force to Combat Crypto's Biggest Heist

Cryptocurrency exchange Bybit has taken a significant step towards enhancing security and recovering compromised funds following a recent hack. The company announced the release of a new API that updates a blacklist of suspicious wallet addresses identified since the intrusion of malicious actors.

The API is designed to empower ethical security experts to manage breaches rapidly and efficiently, enabling them to recover compromised funds. Bybit has also unveiled a bounty rewards program to incentivize successful interceptions, offering a 10% reward for each successful intervention.

In addition to the API and bounty program, Bybit has formed an elite task force to streamline security responses and enhance network security. The task force has confirmed a list of malicious addresses, which will be made available to verified partners through an automated interface. The exchange has committed to continually updating the list to ensure cyber defenders and security partners can effectively contain fraudulent activities.

Bybit's co-founder and CEO, Ben Zhou, expressed his enthusiasm for the collaborative efforts to mitigate financial losses, stating, "I am energized by the incredible camaraderie on-chain and in real life. This can be a transformative moment for our industry if we get it right. Together, we can build a stronger defense system against cyber threats."

The Bybit hack, which occurred three days ago, marked the largest heist in the history of cryptocurrency. In response, industry experts and investigators have tirelessly worked together to remediate the situation and fight bad actors in the industry. Bybit has shared a list of individuals, entities, and teams that have contributed to the effort, expressing its gratitude for their support.