Bybit CEO Ben Zhou Declares War on Lazarus Group: Unveils $140M Hack Bounty

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Crypto Crusade: Bybit’s $140M Bounty to Hunt Down Hackers! 💰🕵️‍♂️

In a most audacious display of bravado, Bybit, that illustrious bastion of cryptocurrency trading, has emerged from the shadows of a staggering $1.4 billion hack, brandishing a counter-offensive against the nefarious Lazarus Group, a band of rogues purportedly backed by the North Korean regime. On that fateful Tuesday, February 25, Ben Zhou, the co-founder and CEO of Bybit, unveiled a veritable treasure map of sorts—Lazarusbounty.com—an industry-first bounty site that promises to shine a light on the murky waters of money laundering.

“Join us in our noble crusade against Lazarus! An industry-first bounty site that reveals the sordid details of their money laundering escapades. V1 includes: – Become a bounty hunter by connecting your wallet and help trace the funds, when…”

— Ben Zhou (@benbybit) February 25, 2025

Now, dear reader, brace yourself for the pièce de résistance: a whopping $140 million reward, which, if my calculations are correct, amounts to a staggering 29 percent of the ill-gotten gains. To sweeten the pot, a generous 10 percent will be doled out equally among those valiant souls who assist in tracing the stolen funds and the gallant entity that manages to freeze said funds. A veritable Robin Hood scheme, if you will, albeit with a decidedly modern twist.

As of this very moment, a mere $4.2 million has been awarded to five intrepid bounty hunters, including the likes of Mantle network, ZachXBT, Zeroshadow, and the ever-reliable Binance exchange. Yet, in a twist worthy of a Shakespearean drama, a staggering $94.1 million has been spirited away by the Lazarus Group through the Belize-based eXch protocol in the last three days alone. One must wonder if they have a secret passage to the vaults of El Dorado.

Ah, the eXch cryptocurrency exchange, that delightful establishment which, in its infinite wisdom, has decided that KYC is merely a suggestion rather than a requirement. How quaint!

How to Join the Bybit Hack Bounty and What to Expect Next

For those eager to don the mantle of bounty hunter, the process is as simple as connecting your wallet and embarking on a quest to trace the funds. Should your efforts bear fruit and lead to the freezing of stolen assets, a princely sum of 5 percent shall be yours for the taking. A veritable gold rush, if you will!

In the meantime, Bybit has promised a live update on the latest wallet balances, allowing participants to stake their claim and revel in their newfound status as part of this grand adventure.

Bybit Purchases $574M ETH Following Hack

In a move that would make even the most seasoned investor raise an eyebrow, Bybit has reportedly acquired over 212.1k Ethereum (ETH), valued at a staggering $574 million, through OTC platforms in the past three days. One can only imagine the boardroom discussions that led to such a bold maneuver, as they scramble to return borrowed funds, including to the ever-watchful Bitget.

“It seems that #Bybit bought another 36,893 $ETH ($87.5M) through #OTC 3 hours ago. #Bybit has bought a total of 212,101 $ETH ($574M) through #OTC in the past 3 days.”

— Lookonchain (@lookonchain) February 25, 2025

Meanwhile, after a prolonged hiatus of one and a half months, Bybit has triumphantly announced the resumption of its services in India, having secured the necessary approvals from the powers that be. A true testament to resilience!

The launch of this hack bounty program is poised to galvanize a formidable alliance within the Web3 ecosystem, uniting forces against the North Korean hackers who have pilfered a staggering $3.4 billion over the past two years, as reported by Chainalysis. One can only hope that this modern-day crusade yields a more favorable outcome than its medieval predecessors.

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2025-02-25 20:56