Bybit Announces Recovery Bounty Program: 10% of Stolen Funds

The cryptocurrency exchange Bybit, which just suffered a major security incident, is now launching a recovery bounty program. The team wants to give back 10% of the funds that anyone is able to recover, according to a press release shared with CryptoPotato.

As reported previously, Bybit suffered a security breach, resulting in the theft of over $1.4 billion in ETH. The attack was carried out by the infamous Lazarus group, an organization allegedly run by the North Korean government.

In any case, speaking on the matter was Ben Zhou, co-founder and CEO of bybit, who said:

We want to officially reward our community, who lent us their expertise, experience, and support through the Recovery Bounty Program and our efforts to make this difficult lesson a valuable one does not stop here. Bybit is determined to rise above the setback and fundamentally transform our security infrastructure, improve liquidity, and be a steadfast partner to our friends in the crypto community.

He also added:

Within 24 hours of the event, we were overwhelmed with support from some of the best people and organizations in the industry, and we do not take it for granted. We have shared in a dark moment of crypto history, and we’ve proven we are better than the malicious actors.