Bybit Experiences a Massive Ethereum Hack of $1.4 Billion
After an extraordinary incident that led to the theft of US$1.4 billion worth of Ethereum, Bybit, a well-known cryptocurrency exchange with 60 million customers, announced a Recovery Bounty Program.
Reward of Up to $140 Million for Recovered Funds
Bybit is providing a reward of up to 10% of any money that is successfully recovered, which may total US$140 million, in an effort to recover the stolen assets. The goal of this project is to involve blockchain analysts and cybersecurity specialists in the rehabilitation process.
TRM Labs Finds a Connection to North Korea
North Korean cybercriminals are responsible for the hack, according to blockchain intelligence firm TRM Labs. Strong connections between the addresses implicated in the Bybit breach and previous cybercrimes carried out by organisations with ties to North Korea were found by the business.
Increased Stolen Funds Due to Cold Wallet Breach
The attack was a serious security breach since it specifically targeted one of Bybit’s offline cold wallets. The amount of cryptocurrency that North Korean hackers have taken in a single day has increased significantly as a result of this occurrence.
Bybit Requests International Cybersecurity Support
The international cybersecurity community is now being urged by Bybit to help track down and retrieve the stolen cryptocurrency. Through [email protected], the exchange is inviting people and organisations with pertinent experience to join the endeavour.
