Bybit, a major cryptocurrency exchange with 60 million users, has launched a Recovery Bounty Programme after suffering a record-breaking US$1.4 billion Ethereum hack.
The exchange is offering up to 10% of recovered funds, potentially reaching US$140 million, to cybersecurity experts and analysts who assist in retrieving the stolen assets.
Blockchain analytics firm TRM Labs has linked the attack to North Korean hackers, citing a strong connection between the addresses involved in the Bybit hack and previous cyber thefts attributed to the country.
The attack compromised one of Bybit’s offline cold wallets, significantly increasing the total amount stolen by North Korean hackers in a single day.
Bybit is now calling on the global cybersecurity community to help track and recover the stolen cryptocurrency.
The company is encouraging individuals and organisations with relevant expertise to contact them at bounty_program@bybit.com.
Bybit CEO Ben Zhou said,
“We want to officially reward our community who lent us their expertise, experience and support through the Recovery Bounty Program, and our efforts to make this difficult lesson a valuable one does not stop here.
Bybit is determined to rise above the setback and fundamentally transform our security infrastructure, improve liquidity, and be a steadfast partner to our friends in the crypto community.”
Featured image credit: Edited from Freepik
