Cryptus Exchange bybit is offering a 5% reward to exchanges, protocols, mixers and anyone who helps freeze funds stolen by the North Korean group Lazarus. The team bybit promises to pay these funds immediately after the assets are blocked.
This is brilliant. bybit offers transparent rewards to all exchanges and bounty hunters who can help them intercept funds from Lazarus Group, and shame those who do not cooperate. “It’s the most cryptonative way to do it. I like it,” said Haseeb Qureshi, co-founder of Dragonfly Capital.
Indeed, the exchange has created a website where, according to CEO Ben Zhou, anyone can act as a “bounty hunter” by connecting their crypto wallet. It will also publish in real time “the ranking of good and bad players and their reaction time when detecting and processing sanctioned Lazarus transactions.”
To avoid being blacklisted, you must not conduct sanctioned transactions. We will not stop until we eliminate Lazarus or untrustworthy industry participants, the head wrote bybit.
Despite the fact that the exchange lost more than $1,4 billion in Ethereum due to a hacker attack, bybit was able to quickly cope with the situation, for which she received approval from the crypto community.
The exchange management did not hide the fact of the exploit, sharing all the available information about how the fraudsters gained access to the assets and what is being done to restore the reserves. Immediately after the hack bybit offered 10% to anyone who helps track down and return the funds.
Thanks to such active actions bybit has already recovered $43 million with the help of Mantle, the developers of mETH and SEAL 911, a coalition of security professionals. Tether also helped freeze $181,000 of the stolen USDT funds.
