Bybit Launches $140 Million Bounty Program to Recover Stolen $1.4 Billion
Bybit has initiated a $140 million bounty program to recover $1.4 billion in stolen funds, offering up to 10% of retrieved assets to ethical hackers and cybersecurity experts.
Key points:
- Over $43 million in digital assets has been recovered, including 15,000 cmETH valued at approximately $43 million.
- The recovery was aided by SEAL, Mantle, and Polygon through identifying a security gap.
- CEO Ben Zhou emphasized the importance of industry cooperation in combating cyber threats.
- Contributors to asset recovery could earn rewards totaling up to $140 million if all funds are retrieved.
- Tether has frozen $181,000 in USDT associated with the hack.
- Security teams implemented measures to prevent further unauthorized transactions.
- Bybit aims to enhance security, increase liquidity, and strengthen protections against future attacks.