Bybit Offers $1.5B Bounty to Recover Stolen Crypto from North Korean Hackers

Cryptocurrency exchange Bybit has launched a $1.5 billion bounty program to recover stolen funds linked to the Lazarus Group, a North Korean hacking organization. The move comes after the Lazarus Group allegedly hacked the Ronin network, which resulted in the theft of $625 million in cryptocurrency.

The bounty program, which is one of the largest in the history of cryptocurrency, will reward individuals or groups that provide information leading to the recovery of the stolen funds. Bybit has stated that it will work with law enforcement agencies and other relevant organizations to ensure that the stolen funds are returned to their rightful owners.

The Lazarus Group is believed to be behind several high-profile cryptocurrency hacks in recent years, including the 2018 hack of the Coinrail exchange and the 2019 hack of the Upbit exchange. The group is also believed to be responsible for the 2017 WannaCry ransomware attack, which affected hundreds of thousands of computers worldwide.

The Ronin network hack is one of the largest cryptocurrency hacks in history, and it has raised concerns about the security of decentralized finance (DeFi) platforms. The hackers exploited a vulnerability in the Ronin network's validator system to drain the network's funds.

Bybit's bounty program is a significant step in the fight against cryptocurrency hacking. The exchange has stated that it is committed to working with the cryptocurrency community to improve the security of the industry and protect users' funds.