Leading cryptocurrency trading company Bybit announced today that it has released a new API to update a black list of suspicious wallet addresses identified since the intrusion of bad actors.
According to the announcement, the API will empower ethical security experts to rapidly and efficiently manage breaches and recover compromised funds.
Bybit Unveils Bounty Rewards Program to Enhance Security
Following the hack incident, the exchange has seen internal and external teams work diligently together, combining efforts to streamline the security response and enhance security across the network.
In addition, the elite task force confirmed a list of malicious addresses that will be made available to verified partners through an automated interface.
The exchange has promised to continually update the list to ensure cyber defenders and security partners can effectively contain fraudulent activities. Signaling its commitment to securing the industry, Bybit has disclosed plans to reward successful interceptions with a 10% bounty.
The announcement further revealed Bybit’s plan to launch a HackBounty platform, which is currently under development. The platform will help empower the entire industry in tracking down hackers and enhancing security across the broad crypto ecosystem.
Ben Zhou, co-founder and CEO of Bybit, commented on the collaborative efforts to mitigate financial losses, saying;
“I am energized by the incredible camaraderie on-chain and in real life. This can be a transformative moment for our industry if we get it right. Together, we can build a stronger defense system against cyber threats.”
Bybit Sees Support From Industry Experts to Fight Hackers
While the Bybit hack happened three days ago, the unfortunate incident marks the largest heist in the history of crypto. As such, industry experts and investigators have tirelessly worked together to remediate the situation and fight bad actors in the industry.
While industry experts have come together to support Bybit in this trying time, the concerted efforts have formed an industry-wide alliance in one of crypto’s defining moments.
Notably, Bybit has shared a list of individuals, entities, and teams who have contributed to the Hail Mary mission and expressed its gratitude to them.
While the partners and peers have continued to grow by the hour, some of the existing partners include, Mandiant, Verichain, and Sygnia.co; ZeroShadow; Chainalysis, Elliptic, TRM, Goplus, SEAL ($0.15) 911, and ZachXBT; SlowMist, BlockSec, and BEOSIN; VerifyVASP, AML Bot, and CryptoForensic; Binance, Coinbase, Bitget, Polygon, Arbitrum, Optimism, Wormhole, Synapse, Connext, Chainflip, Across.to, Symbiosis.finance, AVAX ($24.58), ChangeNow, fixedfloat, and Bridge.
