Bybit Promises up to $140,000,000 Bounty To Hunt Down Perpetrators of ‘Largest Heist’ in Crypto History

The Singapore-based crypto exchange Bybit is offering a large bounty for information that could lead to the recovery of the funds that were stolen in a major hack.

Last week, hackers manipulated a transfer executed by one of Bybit’s Ethereum (ETH) cold wallets.

The exchange says the perpetrators used a sophisticated attack to gain control of the said wallet and transfer the holdings to an unidentified address. 

The crypto analysis firm Arkham says the attackers siphoned about $1.4 billion in ETH and Lido Staked Ether (stETH), making the incident the largest heist in crypto and potentially in human history.

In a new statement, ByBit says it is launching a recovery bounty program to identify the malicious actors and recover the stolen funds.

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

The exchange says the bounty will be 10% of the retrieved amount, or up to $140 million for a full recovery. 

“As part of the investigation and recovery efforts, Bybit is pledging 10% of recovered funds to reward ethical cyber and network security experts who play an active role in retrieving the stolen cryptocurrencies in the incident. 

The total amount of the bounty is calculated based on the verifiable recovery of the compromised ETH worth over $1.4 billion at the time of the incident.”

Bybit says individuals and organizations can email bounty_program@bybit.com to participate in the bounty program.

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