Bybit Offers Massive Bounty to Recover Stolen Crypto in Record-Breaking Hack

A significant reward is being offered by Bybit, a well-known cryptocurrency exchange with headquarters in Singapore, to aid in the recovery of money that was taken in a recent, extensive hack. To help identify the attackers and recover the stolen assets, the company is enlisting the help of blockchain and cybersecurity specialists.

Hackers were able to gain access to one of Bybit’s Ethereum (ETH) cold wallets last week. They obtained unauthorized access and transferred the money to an unidentified wallet by employing a sophisticated attack technique.

An estimated $1.4 billion worth of ETH and Lido Staked Ether (stETH) were stolen, according to crypto analytics firm Arkham. If verified, this would eclipse all prior heists in the digital asset industry and be the biggest crypto theft in history.

Bybit Launches Bounty Program to Recover Funds

In response, Bybit has introduced a bounty program to incentivize ethical hackers and investigators to help track the perpetrators. The company is offering a 10% reward on any successfully recovered funds, meaning participants could earn up to $140 million if the full amount is retrieved.

“Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is calling on the brightest minds in cybersecurity and crypto analytics to join the global hunt for the perpetrators of crypto’s largest heist in history,” the company announced.