Bybit offers $140 million in bounty after $1.4B ETH HACK, with the focus on security

After $1.4 billion Ethereum ETH/USD Robbery, cryptocurrency exchange bybit A recovery bounty program has been launched, providing up to 10% of the rewards for recovering funds to ethical cyber and cybersecurity experts who actively contribute sneaky assets.

This means a potential bounty of up to $140 million, making it one of the largest cryptocurrency recovery efforts in history.

“We felt overwhelmed with the support of some of the best people and organizations in the industry within 24 hours of the event and we wouldn’t take it for granted. We’ve shared that we’re better than malicious actors in the dark moments of encrypted history. .” This weekco-founder and CEO of Bybit.

The security breach confirmed Friday night caused 401,347 ETH ($1.12 billion), 90,376 Steths ($253 million), 15,000 CMETH ($44 million) and 8,000 METH ($23 million) to be stolen by Bybit’s Ethereum Cold Wallet.

Initially, the attack was suspected to have leveraged Seaf’s Multisig Wallet infrastructure, which led the team misleading Bybit’s team to sign a deal that gave attackers control over the smart contract logic of cold wallets.

“This is a normal URL. I checked it carefully. This is the secure URL for the official secure website.

“The hacker changed the deal to upgrade or change the secure smart contract logic to give him control over the entire Ethereum refrigerated wallet.”

Bybit has been included binance and mexcThis helps monitor and prevent stolen funds from being laundered.

Zhou thanked the industry for its response, saying: “Within 24 hours after the event, we were overwhelmed with the support of some of the best people and organizations in the industry.”

Individuals or groups with expertise in blockchain forensics, security analysis and fund recovery can be accessed with Bybit bounty_program@bybit.com.