Bybit Offers $140M Bounty for Stolen Funds Recovery

Dubai-based cryptocurrency exchange Bybit has launched a recovery bounty program following the $1.4 billion security breach that compromised Ethereum (ETH) holdings.

The bounty program offers a 10% reward on recovered funds, meaning successful participants could earn up to $140 million if a full recovery is achieved. This initiative marks one of the largest bounty programs in the crypto industry’s history, demonstrating Bybit’s commitment to recovering stolen assets and reinforcing security measures.

Bybit Calls on Crypto Analysts and Security Experts

Bybit’s initiative, announced via Bitcoin.com News, invites cybersecurity professionals and blockchain analysts to help identify and recover the stolen assets.

The exchange has structured the bounty around verifiable recoveries, ensuring that only legitimate asset recoveries will be rewarded. Bybit emphasized that it will leverage blockchain transparency to monitor progress and track recovered funds in real time.

• Participants who retrieve stolen funds will receive a reward based on the recovered amount.
• Bybit has provided direct contact details for those interested in submitting information or recovery proposals.
• All inquiries will be reviewed promptly by Bybit’s experienced security team, which includes blockchain forensics experts.

This bounty program not only aims to recover lost assets but also strengthens collaborative industry efforts to prevent future cyberattacks.

Reinforcing Security Standards in Crypto

While the bounty program follows a major security breach, Bybit remains committed to transparency and security.

The initiative is part of a broader push to strengthen cybersecurity within the cryptocurrency space. Bybit has emphasized that this program aligns with efforts by industry leaders to raise security standards and protect digital assets from malicious actors.

Stakeholders across the crypto ecosystem are closely watching the program’s progress, with many industry executives praising Bybit’s proactive approach. The exchange has also reassured users that withdrawals remain fully operational, despite the recent breach.

With over 60 million users worldwide, Bybit aims to restore confidence in digital asset security while discouraging future attacks. The exchange has also urged other cryptocurrency firms to adopt similar proactive measures to safeguard their platforms against future threats.

The Largest Crypto Hack in History

The $1.4 billion Bybit hack has been labeled the largest single crypto heist in history, surpassing previous exchange breaches. The Lazarus Group, a state-sponsored North Korean hacking organization, is suspected to be behind the attack.

Blockchain security firms have already traced millions of stolen funds moving between wallets, with some exchanges and stablecoin issuers freezing a portion of the illicit assets.

Bybit’s bounty program is a critical step in tracking and recovering stolen funds, while also setting a new precedent for industry-wide cybersecurity initiatives.

With $1.4 billion in stolen ETH still at large, all eyes are on whether Bybit’s bounty program will lead to a major recovery breakthrough in the coming weeks.