Bybit Offers Bounty After $1.4 Billion in Ethereum Swiped in Biggest Crypto Hack Ever

A day after losing more than $ 1.4 billion in Ethereum and related tokens in an advanced hack, Crypto Exchange Bybit said early on Saturday that it will offer 10% of the reclaimed funds to be firm $ 140 million-to-security experts are firm assets back.

“Within 24 hours after the event, we were overwhelmed by support from some of the best people and organizations in the industry, and we do not consider it obvious. We have shared in a dark moment of crypto history, and we have proven that we are better than the malignant actors, ”said Bybit co-founder and CEO Ben Zhou, in a statement.

“We want to officially reward our community that borrowed us their expertise, experience and support by the Recovery Bounty program, and our efforts to make this difficult lesson does not stop here,” he added. “Bybit is determined to rise above the setback and transform our security infrastructure fundamentally, improves liquidity and be a steadfast partner for our friends in the crypto community.”

In what is supposed to be the greatest crypto -hack of all time based on the value of assets at the time of the attack, more than $ 1.4 billion in ETH and Steth were wiped out early Friday from Bybit.

The company said that a transaction of its multi-signature Ethereum Cold (or storage) wallet to its hot wallet (used for regular transactions) had been manipulated in one way or another, so that the real destination of the hackers’ own wallet was masked.

The research is still underway, but Arkham Intelligence said on Friday afternoon that prominent pseudonymous at the Speursneuth Zachxbt chain had connected the hack with the Lazarus group in North Korea.

In an X -Thread at night Zachxbt provided extra evidence that connects portfolios used in the laundering of Bybit funds with other attacks that are assumed to be performed by Lazarus, including Phemex and Bingx Hacks.

On Friday, Paolo Ardoino – the CEO of Stablecoin Giant Tether – that his company had frozen $ 181,000 at the Udst bound to stolen Bybit funds, with the help of Zachxbt.

“Maybe not much, but it’s a fair job,” Ardoino wrote on x. “We keep monitoring.”