Bybit Presents $140M Bounty In Wake of $1.4B ETH Hack, Investigation Focuses On Secure

Within the aftermath of a $1.4 billion Ethereum ETH/USD heist, cryptocurrency change Bybit has launched a restoration bounty program, providing a reward of as much as 10% of the recovered funds to moral cyber and community safety consultants who actively contribute to retrieving the stolen property.

This interprets to a possible bounty of as much as $140 million, making it one of many largest crypto restoration efforts in historical past.

“Inside 24 hours of the occasion, we had been overwhelmed with help from a number of the greatest folks and organizations within the business, and we don’t take it with no consideration. Now we have shared in a darkish second of crypto historical past, and we have confirmed we’re higher than the malicious actors,” stated Ben Zhou, co-founder and CEO of Bybit.

The safety breach, confirmed by Zhou on Friday night, resulted in 401,347 ETH ($1.12 billion), 90,376 stETH ($253 million), 15,000 cmETH ($44 million), and eight,000 mETH ($23 million) being stolen from Bybit’s Ethereum chilly pockets.

The assault was initially suspected to have exploited Secure’s multisig pockets infrastructure, deceptive Bybit’s crew into signing a transaction that granted the attacker management over the chilly pockets’s sensible contract logic.

“It was a traditional URL. I double-checked. It was the Secure URL from the official Secure web site,” Zhou defined in a stay stream following the incident.

“The hacker modified that transaction into upgrading or altering the Secure sensible contract logic in order that he gained management over the whole Ethereum chilly pockets.”

Bybit has already acquired help from main exchanges together with Binance and MEXC, that are serving to monitor and forestall the stolen funds from being laundered.

Zhou expressed gratitude for the business’s response, saying, “Inside 24 hours of the occasion, we had been overwhelmed with help from a number of the greatest folks and organizations within the business.”

People or teams with experience in blockchain forensics, safety evaluation, and fund restoration can take part within the bounty program by contacting Bybit through bounty_program@bybit.com.

Regardless of the dimensions of the assault, Bybit continues processing withdrawals, securing liquidity by way of a bridge mortgage protecting 80% of the stolen Ethereum to make sure prospects’ funds stay secure.

The corporate has additionally emphasised its dedication to enhancing safety infrastructure and stopping related incidents sooner or later.

Bybit’s full forensic investigation is ongoing, working carefully with legislation enforcement, cybersecurity consultants, and Secure’s improvement crew to find out whether or not the assault stemmed from a Secure multisig vulnerability or a broader infrastructure breach.

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