The recent theft from renowned crypto trading platform ByBit, attributed to North Korea's Lazarus Group, has incited an unprecedented call to action. In a bid to recover the massive losses, ByBit is now leveraging the power of the crypto community by initiating a revolutionary bounty program aimed at incentivizing bounty hunters and amateur sleuths alike to aid in tracing the stolen funds.
The incident, considered the largest theft in crypto history, saw hackers extract $1.46 billion (£1.1bn) from ByBit's platform. The stolen currencies are currently being funneled through elaborate networks to obscure their origins, with criminals attempting to convert the assets into cash. In an effort to thwart these efforts, ByBit has introduced a new website where individuals can earn rewards by successfully tracking down portions of the stolen funds.
"Join us in the war against Lazarus," declared ByBit's CEO Ben Zhou, providing a link to the platform that features a live leaderboard tallying successful contributions from both individuals and companies. Those who manage to freeze any portion of the stolen funds stand to gain a 5% reward of the sum.
Crypto investigation experts, such as the firm Elliptic, have praised this approach as a novel tactic to engage talented blockchain detectives who can assist in reclaiming these assets. However, legal experts have warned that such a major breach could further erode trust in an already tumultuous industry, highlighting the ongoing risk of cyberattacks in the crypto sphere.
The absence of regulatory oversight in cryptocurrency transactions leaves companies like ByBit reliant on the cooperation of other exchanges to act in their favor, a situation further complicated by firms like eXch, which purportedly refuse to assist in investigations. Analysis has tracked significant flows of stolen funds through eXch, raising alarms about its practices.
ByBit’s new bounty site even humorously parodies the situation with imagery of North Korean leader Kim Jong Un. The initiative highlights the global frustration towards cybercrime, particularly involving state-sponsored groups, drawing attention to the ongoing battle against a phenomenon that has seen Lazarus Group linked to approximately $6 billion in crypto thefts.
As ByBit paves the way for crowd-sourced participation in the crypto realm, the ongoing saga serves as a reminder of the challenges ahead in ensuring security and trust within the rapidly evolving world of digital finance.
The incident, considered the largest theft in crypto history, saw hackers extract $1.46 billion (£1.1bn) from ByBit's platform. The stolen currencies are currently being funneled through elaborate networks to obscure their origins, with criminals attempting to convert the assets into cash. In an effort to thwart these efforts, ByBit has introduced a new website where individuals can earn rewards by successfully tracking down portions of the stolen funds.
"Join us in the war against Lazarus," declared ByBit's CEO Ben Zhou, providing a link to the platform that features a live leaderboard tallying successful contributions from both individuals and companies. Those who manage to freeze any portion of the stolen funds stand to gain a 5% reward of the sum.
Crypto investigation experts, such as the firm Elliptic, have praised this approach as a novel tactic to engage talented blockchain detectives who can assist in reclaiming these assets. However, legal experts have warned that such a major breach could further erode trust in an already tumultuous industry, highlighting the ongoing risk of cyberattacks in the crypto sphere.
The absence of regulatory oversight in cryptocurrency transactions leaves companies like ByBit reliant on the cooperation of other exchanges to act in their favor, a situation further complicated by firms like eXch, which purportedly refuse to assist in investigations. Analysis has tracked significant flows of stolen funds through eXch, raising alarms about its practices.
ByBit’s new bounty site even humorously parodies the situation with imagery of North Korean leader Kim Jong Un. The initiative highlights the global frustration towards cybercrime, particularly involving state-sponsored groups, drawing attention to the ongoing battle against a phenomenon that has seen Lazarus Group linked to approximately $6 billion in crypto thefts.
As ByBit paves the way for crowd-sourced participation in the crypto realm, the ongoing saga serves as a reminder of the challenges ahead in ensuring security and trust within the rapidly evolving world of digital finance.
