Bybit has taken action to solve one of the biggest crypto thefts in history. The exchange is offering rewards of up to $140 million to cybersecurity experts and blockchain analysts who will trace the $1.4 billion loss.

The cryptocurrency exchange Bybit recently launched a major reward program to shed light on the recent attack, which is considered one of the largest crypto thefts in history.

The exchange announced that cybersecurity experts and blockchain analysts who help recover the stolen funds will be rewarded with 10% of the assets recovered. It is mentioned that this reward amount could reach up to $140 million.

Bybit’s security move

Bybit, the world’s second largest cryptocurrency exchange in terms of trading volume, has started to take steps to promote industry-wide collaboration following a $1.4 billion Ethereum (ETH) theft.

Ben Zhou, the co-founder and CEO of Bybit, stated that they received support from the industry’s top security experts and institutions following the incident, saying, “We shared a dark moment in crypto history, but we proved we are better than malicious actors.” Zhou emphasized the company’s commitment to strengthening security and liquidity.

Suspicion on the Lazarus group and on-chain research

Blockchain researcher ZachXBT identified that the attack was carried out by the North Korean hacker group Lazarus. Research revealed that the funds were moved in four different stages, using complex anti-tracking techniques during this process.

According to ZachXBT’s findings, the attackers gained access to Bybit’s Ethereum (ETH) multi-signature cold wallet during a routine transfer to the exchange’s hot wallet.

The attackers manipulated the signing interface, altering the logic of the smart contract to make misleading transactions appear legitimate. Thanks to these findings, ZachXBT was awarded 50,000 ARKM by Bybit.