Bybit Announces $140 Million Bounty Program to Recover Stolen Funds
On a mission to trace and potentially recover $1.4 billion in stolen funds, Bybit has unveiled a remarkable $140 million bounty program. This initiative follows the recent successful recovery of over $43 million worth of cmETH and USDT related to the incident.
Engaging Ethical Hackers for Asset Recovery
Bybit, on February 22, introduced a groundbreaking bounty program aimed at involving ethical hackers and cybersecurity experts to aid in the recovery of the stolen assets. The exchange has committed to rewarding up to 10% of the recovered funds as a bounty, potentially amounting to a staggering $140 million.
Individuals who offer valuable intelligence or actively contribute to asset recovery will be eligible for a share of the bounty. Bybit's CEO, Ben Zhou, acknowledged the overwhelming support from the crypto community and highlighted the crucial role that industry experts and organizations are playing in assisting with the recovery efforts.
Strengthening Security Measures
Zhou stressed the significance of collaboration in combating cyber threats and reiterated Bybit's dedication to fortifying its security infrastructure. He expressed gratitude to the community for their expertise, experience, and unwavering support through the Recovery Bounty Program, underscoring Bybit's commitment to enhancing security protocols, bolstering liquidity, and standing as a reliable partner within the crypto sphere.
Over $43 Million Successfully Recovered
In tandem with the announcement of the bounty program, substantial progress has already been made in the recovery of lost assets. A notable milestone was the successful retrieval of more than $43 million in digital assets. Key industry players played a pivotal role in preventing further losses.
Mudit Gupta, the Chief Information Security Officer at Polygon, confirmed the recovery of 15,000 cmETH, valued at around $43 million. He attributed this success to a collaborative effort between the SEAL and Mantle teams, who identified a crucial security vulnerability within the protocol, enabling the assets' recovery.
Furthermore, the Mantle team disclosed that they thwarted the exploiter's address by implementing an eight-hour withdrawal delay within the protocol, halting any unauthorized transactions and securing the stolen funds. Additionally, stablecoin issuer Tether took immediate action by freezing $181,000 in USDT associated with the hack. While the sum may seem modest, Tether's CEO, Paolo Ardoino, emphasized the vital role of industry cooperation in minimizing financial losses.
The proactive steps taken by Bybit and its partners not only reflect a united front against cyber threats but also underscore the resilience and determination of the crypto community in safeguarding digital assets and fostering a secure ecosystem.