ByBit, victim of the world's largest crypto heist, announces online bounty! $1.46 billion stolen

Last week, North Korea's notorious hacker group Lazarus $1.46 billion (about £1.1 billion) worth of cryptocurrency was stolen from a crypto trading platform called ByBit. It is believed to be the largest cryptocurrency theft in history.

After the theft, the hackers are trying to launder the money quickly through complex online money laundering processes. They are dividing the stolen crypto into smaller chunks and transferring them through different platforms, keeping the source secret.
ByBit has now adopted a new strategy for recovering funds. The company has announced that anyone who can identify stolen crypto and convince the relevant platform to freeze it will receive a 5% reward for the identified funds. In addition, crypto companies that help freeze the funds will also receive a 5% bounty.

ByBit’s new website is managing the search process and a live leaderboard is showing the names of successful investigators. Millions of dollars have already been paid out in bounties.

Opposing reaction: lack of cooperation
ByBit is relying on other crypto exchanges and organizations to help freeze the stolen funds. However, Not all institutions are cooperating..

An exchange, eXch, has refused to help after the complaint. Research firm Elliptic said eXch is a dangerous platform for criminal transactions, where many hacked funds have been laundered. ByBit said that $75 million of its stolen funds have already passed through the eXch platform.

North Korean involvement suspected
Crypto security firms and researchers worldwide are blaming the Lazarus Group, believing that the North Korean government is supporting these cybercriminals, and that the stolen funds are being used for military purposes and to evade international sanctions.

ByBit has promised to open this bounty platform not only to themselves, but also to other victims of the Lazarus Group.

The new website logo features a symbol of North Korean leader Kim Jong Un's hair with a knife stuck in it.

Crypto security experts around the world have praised the initiative as a pioneering step, but many have warned that such hacking could further undermine the credibility of the crypto industry in the future.

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