Bybit Strikes Back: $140 Million Bounty Targets $1.4 Billion Crypto Heist

On February 25, the exchange introduced a website and dashboard where users can submit reports and follow updates on the situation. The platform also highlights industry participants, distinguishing those aiding the recovery process from those who are not cooperating.

Bybit CEO Ben Zhou said in a statement on February 26, "In today’s blockchain landscape, transparency isn’t just a principle—it’s our most potent weapon against cybercrime. <...> Our multi-pronged offensive is a clear message: if you steal, you will be found, and justice will be swift".

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Zhou also shared on X that the company is waging "war" against the Lazarus Group, a North Korean-linked hacking organization believed to be behind the attack.

The first version of Bybit’s Lazarus Bounty website provides a detailed breakdown of the stolen assets and tracks how different platforms and protocols respond. So far, about $42 million—just over 3% of the stolen funds—has been frozen by exchanges and platforms.

Bybit is working with a security alliance that includes chief security officers from major blockchain networks. The bounty program operates on a merit-based system and rewards users based on the quality of the information they provide.

Several industry players have been recognized for their efforts, including stablecoin issuers Tether USDT $1.00 and Circle, which have blocked transactions linked to the stolen funds.

On February 24, Chainflip FLIP $0.9074 , a decentralized trading protocol, released an urgent software update, version 1.7.10. What is it for? Read the full story.