In a significant move against cybercrime, crypto trading platform ByBit is calling on digital detectives to help recover $1.46 billion in cryptocurrency lost to hackers from North Korea’s infamous Lazarus Group. After the heist, ByBit launched a crowd-sourced bounty program aimed at incentivizing individuals to track down and prevent the stolen funds from being cashed out.
ByBit's CEO, Ben Zhou, rallied the community with a message declaring a "war against Lazarus," offering a share of the recovered funds as a reward for successful tipsters. With the scheme featuring a live leaderboard, those who successfully aid in freezing the stolen funds could earn 5% of the amount retrieved. The crypto world is buzzing with potential as reports show millions have already been promised to those who help.
Crypto investigation firm Elliptic lauded the initiative, stating that it empowers skilled blockchain sleuths to pursue the money trail left by the hackers. However, some legal experts remain skeptical, warning that such high-profile heists could tarnish trust in the already volatile cryptocurrency market.
Currently, ByBit must navigate the crypto landscape with minimal support from traditional authorities, relying significantly on the goodwill of fellow exchanges. Some, like eXch, have been accused of refusing to cooperate, complicating the recovery process amidst allegations of laundering criminally obtained cryptoassets.
The North Korean regime has been frequently associated with illicit hacking activities, including an estimated $6 billion in crypto thefts, which are believed to fuel the hermit state's controversial military advancements. While North Korea has not formally acknowledged ties to the Lazarus Group, the international crypto community remains vigilant in responding to these ongoing threats.
