The company aims to leverage crowdsourced efforts to trace and freeze stolen funds while highlighting the vulnerabilities within the unregulated crypto market.
**Crypto Community Rallies to Reclaim $1.5bn in Unprecedented Heist**
**Crypto Community Rallies to Reclaim $1.5bn in Unprecedented Heist**
ByBit enlists bounty hunters in battle against North Korean hackers following record-breaking crypto theft.
In a groundbreaking initiative, ByBit, a leading crypto trading platform, has turned to crowdsourcing to help recover from the aftermath of what is believed to be the largest theft in crypto history. The company found itself reeling after hackers allegedly associated with North Korea's infamous Lazarus Group made off with an astonishing $1.46 billion (£1.1 billion) worth of cryptocurrency last week.
As news of the heist unfolded, the crypto community was called upon to assist in tracking down the stolen assets, which the criminals are attempting to launder and cash out through various digital channels. "Join us in the fight against Lazarus," ByBit's CEO, Ben Zhou, declared in an online statement, linking to a platform that offers bounties for identifying the missing funds.
The new bounty scheme allows individuals to earn rewards, amounting to 5% of any funds they successfully recover or convince a controlling company to freeze. A real-time leaderboard displays those who have contributed valuable information, with the website already showcasing millions in payouts. "We are dedicated to this mission until we eliminate Lazarus and other bad actors in the industry," Zhou asserted.
Crypto investigation firm Elliptic hailed ByBit's approach as a "positive innovation," acknowledging the growing pool of skilled blockchain detectives now motivated to chase down the illicit funds. Conversely, experts like Louise Abbott from Keystone Law warned that the sheer scale of such hacks could further erode trust within an already unstable sector.
In a landscape devoid of regulatory bodies to enforce security, ByBit has no choice but to rely on the goodwill of its peers to assist in the recovery process. This has presented challenges, as some exchanges, like eXch, have allegedly refused to cooperate. Elliptic's research indicates that eXch has been a platform for laundering significant amounts of stolen assets, including those from the ByBit breach.
The company announced plans to extend the bounty program to other victims targeted by the notorious North Korean hacking group, as investigations reveal that the stolen cryptocurrencies are often utilized by the regime to bypass international sanctions and bolster its military capabilities. North Korea has yet to confirm its involvement in the Lazarus Group's alleged activities, while crypto investigators point to the group's historic responsibility for approximately $6 billion in thefts across many years.
As news of the heist unfolded, the crypto community was called upon to assist in tracking down the stolen assets, which the criminals are attempting to launder and cash out through various digital channels. "Join us in the fight against Lazarus," ByBit's CEO, Ben Zhou, declared in an online statement, linking to a platform that offers bounties for identifying the missing funds.
The new bounty scheme allows individuals to earn rewards, amounting to 5% of any funds they successfully recover or convince a controlling company to freeze. A real-time leaderboard displays those who have contributed valuable information, with the website already showcasing millions in payouts. "We are dedicated to this mission until we eliminate Lazarus and other bad actors in the industry," Zhou asserted.
Crypto investigation firm Elliptic hailed ByBit's approach as a "positive innovation," acknowledging the growing pool of skilled blockchain detectives now motivated to chase down the illicit funds. Conversely, experts like Louise Abbott from Keystone Law warned that the sheer scale of such hacks could further erode trust within an already unstable sector.
In a landscape devoid of regulatory bodies to enforce security, ByBit has no choice but to rely on the goodwill of its peers to assist in the recovery process. This has presented challenges, as some exchanges, like eXch, have allegedly refused to cooperate. Elliptic's research indicates that eXch has been a platform for laundering significant amounts of stolen assets, including those from the ByBit breach.
The company announced plans to extend the bounty program to other victims targeted by the notorious North Korean hacking group, as investigations reveal that the stolen cryptocurrencies are often utilized by the regime to bypass international sanctions and bolster its military capabilities. North Korea has yet to confirm its involvement in the Lazarus Group's alleged activities, while crypto investigators point to the group's historic responsibility for approximately $6 billion in thefts across many years.
