Bybit Launches LazarusBounty.com To Combat $1.5 Billion Security Breach
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
According to recent update, Bybit has taken action after a major security breach led to losses of about $1.5 billion. The crypto exchange has introduced LazarusBounty.com, a platform designed to track hackers, recover stolen funds, and increase security in the blockchain industry.
The Lazarus Group is known as a cybercriminal organization linked to North Korea. Reports revealed that the group works with the country’s military and has been active for a long time.
Bybit Forms Strong Team To Fight Cybercrime And Improve Blockchain Security
Bybit’s leader, Ben Zhou, said the new site will help in the fight against Lazarus. He shared that people can connect their wallets and help trace stolen funds. If their work leads to freezing the money, they will receive payment right away.
Bybit’s platform brings together expert investigations, real-time tracking, and reports from the community to fight online crime. It collects security data from well-known blockchain security firms, including Chainalysis, Arkham, and GoPlus. Bybit wants to build a space where people can work together to stop cyber threats.
When a major hack happens, LazarusBounty.com quickly calls on top blockchain experts, including ZachXBT and SlowMist founder Yu Xian, to investigate and track stolen funds.
To improve security, Bybit has created the Decentralized Security Alliance Council. This group includes security officers from leading blockchain networks. They help create rules, respond to security risks, and ensure strong protection in the crypto industry.
Bybit Offers Rewards To Track Stolen Funds And Strengthen Crypto Security
Bybit’s platform does not just follow cybercriminals—it also rewards those who help catch them. LazarusBounty.com has a leaderboard showing top contributors who trace stolen funds.
Bybit has set aside a total bounty of $140 million. Those who help recover lost funds will receive 10% of the amount found. This reward is divided into two parts:
One important feature of the platform is a warning system that alerts exchanges and platforms when stolen funds reach a point where they can be traced.
The platform believes this new platform will help fight hackers and protect digital funds across the crypto industry.
Bybit’s new site, LazarusBounty.com, is a new way to fight online crime in the crypto world. According to the recent update, the site helps experts and the community work together to find stolen money and stop hackers.
The platform also gives rewards to people who help track stolen funds. The site uses security data from top firms and brings in experts to check big hacks. The company wants to keep digital money safe by using alerts, rewards, and expert help.
