Bybit to Pay Up to $140 Million to Help Recover Stolen Funds

Hackers broke into Singapore-based crypto exchange Bybit this week, stealing more than $1.4 billion worth of digital assets. Now, the company has called on cybersecurity professionals and companies to join a program to find and recover the stolen assets, promising to pay up to 10% of the amount recovered.

Image source: Copilot

This means that if all the stolen funds are returned, Bybit will have to pay a reward of $140 million. “We want to formally reward our community who have provided us with their knowledge, expertise, and support through the Recovery Bounty Program. Bybit is committed to rising above this setback and revolutionizing our security infrastructure, increasing liquidity, and being a trusted partner for our friends in the crypto community,” said Bybit co-founder and CEO Ben Zhou.

Blockchain intelligence company Arkham Intelligence has already paid independent researcher ZachXBT a reward of 50,000 of its ARKM tokens (around $43,000). The company said the researcher provided “comprehensive evidence” that the Lazarus Group, a hacker group allegedly linked to North Korea, was behind the Bybit hack. Two cases of stolen funds being recovered have also been reported since then. For example, a transfer of 15,000 cmETH tokens worth around $43,500 was blocked and then transferred from the hacker’s account to a recovery account. Tether also announced the freezing of $181,000 USDT tokens related to the Bybit hack.