KEY ($0.00) TAKEAWAYS
- Bybit has launched a Recovery Bounty Program, offering up to 10% of stolen funds as rewards to aid in recovering assets from a major crypto heist.
- The program aims to engage ethical cyber and network security experts to recover Ethereum valued at over $1.4 billion.
- Bybit emphasizes community support and plans to enhance its security infrastructure and liquidity as part of its recovery strategy.
- The initiative highlights the importance of trust and security in the expanding cryptocurrency ecosystem.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a new initiative aimed at recovering funds from a significant crypto heist. The exchange has launched a Recovery Bounty Program, offering rewards of up to 10% of the stolen funds to those who assist in the recovery efforts. This program could potentially distribute up to $140 million in rewards, contingent on a full recovery of the compromised assets.
The Recovery Bounty Program is part of Bybit’s broader strategy to engage ethical cyber and network security experts in the hunt for the perpetrators of what is being described as the largest crypto heist in history. The total amount of the bounty is based on the verifiable recovery of Ethereum (ETH ($2,738.30)) valued at over $1.4 billion at the time of the incident.
Bybit’s co-founder and CEO, Ben Zhou, emphasized the importance of community support in overcoming this challenge. “Within 24 hours of the event, we were overwhelmed with support from some of the best people and organizations in the industry, and we do not take it for granted,” Zhou stated. He further highlighted Bybit’s commitment to transforming its security infrastructure and improving liquidity as part of its recovery efforts.
How to Participate in the Recovery Bounty Program
Individuals and organizations interested in participating in the Recovery Bounty Program can reach out to Bybit via email at [email protected]. The exchange encourages collaboration among exchanges, analysts, and the broader crypto community to protect digital assets and reinforce security within the industry.
Bybit’s initiative underscores the importance of trust and security in the rapidly growing cryptocurrency ecosystem. As the industry expands, collective action is deemed essential to maintaining its integrity and deterring malicious activities.
For more information, the official announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
Bybit has initiated a Recovery Bounty Program offering rewards for retrieving stolen crypto assets, highlighting the exchange’s response to a significant security breach.
Recent industry reports indicate that crypto security bounty programs are increasingly vital in safeguarding cryptocurrency platforms. These programs incentivize ethical hackers to identify vulnerabilities, which aligns with Bybit’s strategy to engage experts for recovering stolen assets.
As per insights from a Crypto Briefing report, Bybit’s recovery efforts include restoring its withdrawal system and securing a bridge loan to manage liquidity. This supports Bybit’s initiative to maintain operations and secure client assets despite the significant hack.
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