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Bybit Announces Recovery Bounty Program: 10% of Stolen Funds
Bybit, a cryptocurrency exchange that recently suffered a massive security breach, has announced the launch of a recovery bounty program. As part of this initiative, the company is offering to return 10% of the stolen funds to anyone who can help recover them.
The announcement comes after Bybit confirmed that it had been attacked by the notorious Lazarus group, an organization allegedly backed by the North Korean government. The hack resulted in the theft of over $1.4 billion in ETH from user accounts.
Ben Zhou, co-founder and CEO of Bybit, released a statement expressing gratitude to the community for their support during this difficult time. He emphasized that the company is committed to learning from its mistakes and implementing new security measures to prevent such incidents in the future.
“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,” Zhou said. “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.”
The recovery bounty program aims to incentivize individuals and organizations to help track down and recover some or all of the stolen funds. Bybit will offer 10% of any recovered assets back to the person or entity that helps make it happen.
In an unprecedented move, Bybit is opening up its recovery efforts to the entire crypto community, regardless of whether you’re a seasoned investor, developer, or just someone who’s passionate about blockchain technology.
Source: cryptopotato.com
