Bybit Launches Industry’s First Bounty Site Against Lazarus Hacking Group

Bybit crypto exchange launched a brand new website to start a war against the North Korean hacking group Lazarus.

Summary

• ByBit crypto exchange launched a new website lazarusbounty.com.
• ByBit exchange collaborated with a top crypto intelligence firm to track the Lazarus hacking group’s illegal crypto transactions.
• Mirana Ventures deposited $600M $ETH on the ByBit platform within the last 3 days.

Five days ago, ByBit, one of the top crypto exchanges, faced a hacked incident & lost $1.46 billion worth of Ethereum ($ETH) coin. On-chain, investigation disclosed that the North Korean hacking group Lazarus was behind this hacking incident. Reportedly, the hacking group targeted Bybit’s cold Crypto wallet, raising a very big question of whether using multisign crypto wallets is safe for storing high amounts of cryptocurrencies.

On 25 Feb 2025, Bybit exchange CEO Ben Zhou announced the launch of the lazarusbounty.com website. With this website launch, he announced war against the Lazarus group.

He invited the whole Crypto community to join the Lazarus bounty program to track & freeze the funds stolen by the Lazarus hackers.
Currently, three main features are available in the website’s first & latest version.

Bounty Hunting System:

• Users can connect their wallets to become bounty hunters.
• When a submitted bounty leads to a freeze, the bounty is paid instantly upon freezing.

Bounty Rewards Distribution:

• All freezers (who help freeze assets) receive 5% of the bounty.
• Exchanges, mixers, and other involved entities can also participate in freezing and earn rewards.

Live Ranking System:

• Tracks good and bad actors based on their response time to sanctioned Lazarus

ByBit CEO invited Crypto X users to share their opinions to bring more features to the website to make the efforts more impactful against crypto bad actors. To make things more impactful, Bybit took help from the top blockchain tracking platforms & also established a dedicated team to monitor illegal Crypto transactions.

Liquidity Support for Bybit Crypto Exchange

Fortunately, Bybit was maintaining enough reserves to fight against potential financial stress; despite better financial conditions, many Crypto players are helping Bybit exchange to maintain liquidity on the Bybit platform.

Already we reported that the Bybit CEO thanked everyone who helped the ByBit platform to maintain the trust level among the crypto investors.

But in the latest developments, on-chain reports showed that Mirana Ventures deposited $600M $ETH on the ByBit platform within the last 3 days, making Mirana the largest depositor since the hack. The company purchased this large amount of ETH by selling $500M in Bitcoin and $100M in USD through FalconX, Galaxy Digital, and Wintermute OTC.

Bybit in India

In the latest developments, the ByBit crypto exchange successfully registered with the Financial Intelligence Unit (FIU) body in India and paid a regulatory fine of $1.06 million.

The fine against this exchange was for violation of India’s Prevention of Money Laundering Act (PMLA). Now all set, and the exchange has restored all the services for Indian crypto traders.

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