Bybit announces $140-million bounty after crypto industry’s largest heist
Cyber security experts stand to share a bounty of up to $140 million if they help effect a full recovery after crypto exchange Bybit lost $1.5 billion in the industry’s largest heist. The Dubai-headquartered crypto exchange has announced a recovery bounty programme as it called on the “brightest minds in cyber security and crypto analytics” to join the global hunt for the hackers.
The world’s second-largest cryptocurrency exchange is offering a reward of 10 per cent of the amount recovered to cyber and network security experts who help retrieve the stolen cryptocurrencies in the incident. They can contact the exchange via bounty_program@bybit.com.
Co-founder and CEO Ben Zhou said the company was “overwhelmed” with support from the crypto industry. This show of solidarity has laid the foundation for stronger industry-wide measures to counter and prevent future hacking incidents.
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The cryptocurrency exchange had reported a loss of over 400,000 ETH – the second-largest cryptocurrency network by market value after Bitcoin ‑ as hackers carried out a “sophisticated attack”. As soon as the attack was detected, the exchange locked down systems, “securing funds, and collaborating with top cybersecurity experts”.
Zhou said: “It’s been a challenging period for Bybit, but one thing is clear— our partners have our backs. The support from Antalpha Global, Bitget, Pionex, MEXC, SoSoValue, Galaxy Digital, FalconX, Lido Finance, Solana Foundation, Ton Foundation, Ghaf Capital, Fenbushi, Bitvavocom, Tether and many others has been nothing short of incredible.”
Key industry players helped prevent the further movement of stolen funds and uphold market stability.
The company has vowed to “fundamentally transform” its security infrastructure and improve liquidity. “The exchange is working closely with industry leaders to set new standards for crisis management, ensuring the safety and trust of its users while strengthening the broader industry’s defenses against future threats.”
Sahim Salim
As Associate Editor, Sahim Salim helps tell the UAE story like no one else does — and leads a team o…More