Bybit, the cryptocurrency exchange that survived a $1.4 billion hack, has launched an aggressive countermeasure to track and eliminate the North Korea-backed Lazarus Group.
On Tuesday, February 25, Bybit CEO Ben Zhou announced the launch of Lazarusbounty.com, the first-ever hack bounty site, aimed at exposing the money laundering activities of the sanctioned hacker group.
Bybit’s bounty program comes with a $140 million reward, representing 29% of the stolen funds, incentivizing crypto analysts, security experts, and ethical hackers to track the laundered assets.
💰 How the Bybit Hack Bounty Works
To encourage widespread participation, Bybit will split the 10% bounty reward:
- 5% will go to the individual/entity that successfully traces stolen funds.
- 5% will be awarded to the party responsible for freezing the assets.
So far, $4.2 million has been awarded to five bounty hunters, including:
- Mantle Network
- ZachXBT
- Zeroshadow
- Binance Exchange
However, despite these efforts, $94.1 million has already been successfully laundered by the Lazarus Group through the Belize-based eXch protocol, which has been exploited due to lax KYC requirements.
🔍 How to Participate in Bybit’s Hack Bounty
To join the hack bounty program, participants must:
1️⃣ Connect their crypto wallet to assist in tracing stolen assets.
2️⃣ Submit a bounty report with detailed findings.
3️⃣ If their report leads to a successful fund freeze, they receive 5% of the recovered funds upfront.
Bybit has also announced a live tracking feature, which will soon allow users to monitor real-time wallet balances and claim participation in tracking specific funds.
📉 Bybit Buys $574M in ETH to Restore Stability
In a bold move, Bybit has purchased over 212,100 Ethereum (ETH)—worth $574 million—via OTC platforms over the past three days.
This move helps Bybit restore its financial health and repay borrowed funds, including significant obligations to Bitget.
🇮🇳 Bybit Resumes Operations in India
After one and a half months of closure, Bybit has resumed services in India, following regulatory approval.
💥 A United Web3 Front Against Lazarus Group
The launch of Bybit’s hack bounty signals a coordinated effort to fight Lazarus Group, which, according to Chainalysis, has stolen more than $3.4 billion in crypto over the past two years.
Bybit’s initiative may mark a new era of community-driven cybersecurity, bringing together white-hat hackers, blockchain forensic teams, and security firms to track and recover stolen crypto assets.
With billions still in play, the fight against state-backed cybercrime in Web3 is only just beginning.
