Bybit Offers $140M Bounty to Recover $1.4B in Stolen Crypto

Bybit, a leading cryptocurrency exchange, has launched a $140 million bounty program to engage ethical hackers and cybersecurity experts in recovering $1.4 billion in stolen assets. The initiative, which offers up to 10% of the recovered funds as a reward, is a significant step in industry collaboration to combat cyber threats.

The exchange has already seen success in its efforts, with over $43 million worth of digital assets, including cmETH and USDT, retrieved through industry collaboration. Polygon's security team played a key role in this recovery, identifying a crucial security gap that enabled the asset retrieval. The Mantle team also proactively blocked the exploiter's address, preventing further unauthorized transactions.

Bybit's CEO, Ben Zhou, has expressed gratitude for the community's support and emphasized the importance of collaboration in countering cyber threats. He stated that Bybit is committed to strengthening its security framework, improving liquidity, and being a steadfast partner to the crypto community.

In addition to the bounty program, stablecoin issuer Tether has frozen $181,000 in USDT linked to the hack, demonstrating the industry's collective effort to mitigate financial losses. Tether's CEO, Paolo Ardoino, stressed the importance of industry cooperation in addressing such incidents.

Bybit's market-leading initiative to enlist ethical hackers through a substantial bounty program showcases an evolving strategy in the crypto industry aimed at securing funds and enhancing cybersecurity measures. The collaborative efforts seen thus far indicate a strong response from the community, rendering hope for lost assets to be reclaimed effectively. As cyber threats grow more complex, the insistence on united fronts in defense against such risks is imperative. Bybit remains resolute in transforming this challenge into an opportunity for improved security and industry collaboration.