Bybit Fights Back: $140M Bounty Targets $1.4B Crypto Heist

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

Written by Aaron S.,

Editor-In-Chief

Last Updated: February 26, 2025

Key Takeaways

Bybit launched a $140 million bounty program to track $1.4 billion in stolen Ethereum and related assets;
The Lazarus Bounty website helps users report leads and monitor fund recovery efforts;
Bybit collaborates with security experts and firms like Tether and Circle to freeze stolen funds.

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

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The crypto exchange Bybit $2.06B has launched a bounty program worth up to $140 million to recover stolen funds after hackers made off with $1.4 billion in Ethereum ETH $3,088.51 and related tokens.

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 $0.9989 and Circle, which have blocked transactions linked to the stolen funds.

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