Bybit Launches $1.5 Billion Bounty for Recovery of Stolen Funds Linked to Lazarus Group

On February 25th, COINOTAG reported that SlowMist Cosine announced a significant initiative by Bybit aimed at the notorious Lazarus Group. The exchange has unveiled a dedicated bounty website to aid in the recovery of assets following a recent breach in which around $1.5 billion in funds were siphoned off. Bybit is offering a 10% recovery bounty, incentivizing collaboration from the wider cryptocurrency community. Specifically, 5% of the bounty will reward entities that successfully freeze the illicitly obtained funds, while the remaining 5% is earmarked for individuals who assist in tracing the assets’ whereabouts. Notably, if any participants are unable to secure a laundering kickback exceeding 5%, they have the flexibility to shift their allegiances. This strategic move underscores Bybit’s commitment to enhancing security and transparency within the fast-evolving crypto landscape.