Bybit Offers Record Bounty to Recover Stolen $1.4 Billion

Bybit is taking an aggressive approach to recovering funds after suffering the largest exchange hack in crypto history.

The platform has unveiled a bounty program that promises security researchers 10% of any recovered assets. If the full $1.4 billion loss is retrieved, payouts could reach an unprecedented $140 million.

CEO Ben Zhou expressed confidence in Bybit’s ability to recover from the attack, vowing to overhaul security measures and strengthen liquidity. The exchange is inviting experts to contribute to the effort, offering direct contact through a dedicated email for those interested.

Blockchain investigators have already identified the attackers. Crypto researcher ZachXBT linked the breach to the Lazarus Group, a North Korean hacking collective notorious for high-profile cyber thefts. In response, Arkham Intelligence rewarded him with 50,000 ARKM tokens. Reports indicate that Lazarus has started laundering stolen Ethereum, with at least $13.7 million already in motion.

Some progress has been made in freezing and recovering funds. mETH Protocol intercepted a $43.5 million transaction, securing the assets, while Tether blocked $181,000 in USDT linked to the hack. However, reclaiming a significant portion of the stolen crypto remains a major challenge.

Lazarus Group has a long track record of executing multimillion-dollar crypto heists, including the $600 million Ronin Network attack. Despite some successful asset recoveries in past cases, the group continues to evade authorities, reportedly using stolen funds to finance North Korea’s weapons programs. While Bybit’s bounty may incentivize progress, recovering the majority of the stolen funds remains uncertain.