"Bybit Launches LazarusBounty: A $1.5B Crypto Crime Fightback"

Cryptocurrency exchange Bybit has launched a new bounty platform, LazarusBounty.com, in response to the massive Lazarus hack that occurred on February 21. The platform aims to combat crypto-related crime by employing a structured, four-pronged approach to identify illicit activity, hold hackers accountable, and enhance crypto security.

The initiative follows a hack against Bybit that resulted in the loss of nearly $1.5 billion in Ethereum (ETH) and ETH synthetic tokens, making it the largest hack in history, according to blockchain security firm Elliptic. LazarusBounty.com consolidates blockchain security data from leading firms, including Chainalysis, Arkham, and GoPlus, into a unified security repository. This real-time database provides investigators and the broader community with critical insights to detect, analyze, and counteract illicit activities.

LazarusBounty.com mobilizes blockchain forensic specialists, such as ZachXBT and Yu Xian of SlowMist, to conduct in-depth investigations when significant breaches occur. These experts have forensic tools and methodologies to trace stolen funds, identify attackers, and coordinate responses with law enforcement and affected platforms. The initiative serves as a proactive deterrent against cybercrime, strengthening the industry's ability to respond to security threats.

Bybit CEO Ben Zhou stated, "In today’s blockchain landscape, transparency isn’t just a principle — it’s our most potent weapon against cybercrime. With LazarusBounty.com, we are taking a stand to ensure that every transaction is visible and every hacker is held accountable. Our multifive-pronged offensive is a clear message: if you steal, you will be found, and justice will be swift."

LazarusBounty.com features a bounty leaderboard that tracks and rewards contributions based on the effectiveness of efforts to recover stolen funds. The site catalogs verified intelligence, recognizing security researchers and ethical hackers who help unmask cybercriminals. An automated notification system enhances response times by immediately alerting exchanges and platforms to freeze illicitly obtained funds before they can be laundered.

Bybit has also assembled a security advisory board comprising chief security officers from major blockchain networks. This decentralized council collaborates to enhance security protocols, share intelligence, and reinforce protective measures across the crypto ecosystem.

According to on-chain data highlighted by Arkham, the funds extracted in the Bybit hack are being swapped for