Bybit Announces Stolen Funds Recovery Initiative Following $1.4B Hack

Crypto Exchange Bybit Initiates Recovery Bounty

The Dubai-based cryptocurrency exchange, Bybit, has initiated a recovery bounty program following a security breach that compromised ETH valued at over $1.4 billion. The program promises a reward equal to 10% of recovered funds.

The announcement shared with Bitcoin.com News says the initiative calls on cybersecurity experts and crypto analysts to identify and recover stolen assets. Participants who succeed in retrieving any portion of the compromised funds will receive a bounty based on the recovered amount.

Bybit’s recovery bounty program is structured around verifiable recoveries and aims to leverage blockchain transparency to track progress. The program offers a potential total bounty of up to $140 million if a full recovery is achieved.

The exchange has provided contact details for interested parties, inviting individuals and organizations to submit information or proposals via email. Bybit emphasized that the recovery process will rely on industry expertise and collaborative efforts. Inquiries will be reviewed promptly by the exchange’s experienced security team.

While the bounty program follows the recent incident, the exchange maintained its commitment to security and transparency. Industry stakeholders are expected to monitor the progress of the recovery initiative as part of broader efforts to secure digital assets. The initiative is part of a broader industry effort to enhance cybersecurity standards across the crypto sector.

Bybit, serving a global community of over 60 million users, seeks to restore confidence in digital asset security through this program. The announcement says the recovery bounty program is an effort to reinforce industry standards and deter future malicious activities in the crypto space.