Bybit Unites Crypto Industry to Combat Massive Hack

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has taken a significant step in combating the recent large-scale hack by releasing an API that updates a blacklist of suspicious wallet addresses. This move is part of the exchange's Recovery Bounty Program, aimed at streamlining efforts to recover compromised funds.

The API, made available to verified partners through an automated interface, contains a list of malicious addresses confirmed by an elite task force comprising internal and external teams. Bybit has been working tirelessly with some of the best white-hat hackers and investigators in the industry to compile this list, demonstrating remarkable cooperation in the face of adversity.

Bybit has received thousands of tips from industry colleagues, further strengthening the collaborative effort to enhance security across the network. The exchange will continually update the blacklist to ensure cyber defenders and security partners can effectively intercept fraudulent activities. Successful interceptions will be rewarded with a 10% bounty, reflecting Bybit's commitment to securing the industry as a whole.

Looking ahead, Bybit plans to announce a HackBounty platform currently under development. This innovative initiative is designed to empower the entire industry in tracking down hackers and strengthening the defense system against cyber threats.

Ben Zhou, co-founder and CEO of Bybit, expressed his enthusiasm for the industry-wide camaraderie, 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 concerted efforts have formed an industry-wide alliance in one of crypto's defining moments. Bybit has shared a list of individuals, entities, and teams who have contributed to the Hail Mary mission, including Mandiant, Verichain, Sygnia.co, ZeroShadow, Chainalysis, Elliptic, TRM, Goplus, SEAL 911, ZachXBT, SlowMist, BlockSec, BEOSIN, VerifyVASP, AML Bot, CryptoForensic, Binance, Coinbase, Bitget, Polygon, Arbitrum, Optimism, Wormhole, Synapse, Connext, Chainflip, Across.to, Symbiosis.finance, AVAX, ChangeNow, and cBridge.