Bybit unveils bounty platform to tackle crypto crime following massive Lazarus hack

Bybit announced a bounty level designed to combat crypto-related transgression titled LazarusBounty.com following.

The inaugural employs a structured, four-pronged attack to identifying illicit activity, holding hackers accountable, and enhancing crypto security. 

The effort follows a hack perpetrated against Bybit connected Feb. 21, which resulted successful the nonaccomplishment of astir $1.5 cardinal successful Ethereum (ETH) and ETH synthetic tokens. According to blockchain information steadfast Elliptic, this is the largest hack successful history.

War against Lazarus

LazarusBounty.com consolidates blockchain information information from starring firms, including Chainalysis, Arkham, and GoPlus, into a unified information repository. This real-time database provides investigators and the broader assemblage with captious insights to detect, analyze, and counteract illicit activities. 

LazarusBounty.com mobilizes blockchain forensic specialists, specified arsenic ZachXBT and Yu Xian of SlowMist, to behaviour in-depth investigations erstwhile important breaches occur.

These experts person forensic tools and methodologies to hint stolen funds, place attackers, and coordinate responses with instrumentality enforcement and affected platforms. The inaugural is simply a proactive deterrent against cybercrime, strengthening the industry’s quality to respond to information threats.

Bybit CEO Ben Zhou said:

“In today’s blockchain landscape, transparency isn’t conscionable a rule — it’s our astir potent limb against cybercrime. With LazarusBounty.com, we are taking a basal to guarantee that each transaction is disposable and each hacker is held accountable. Our multifive-pronged violative is simply a wide message: if you steal, you volition beryllium found, and justness volition beryllium swift.”

Moreover, LazarusBounty.com has a bounty leaderboard that tracks and rewards contributions based connected the effectiveness of efforts to retrieve stolen funds. The tract catalogs verified intelligence, recognizing information researchers and ethical hackers who assistance unmask cybercriminals. 

An automated notification strategy enhances effect times by instantly alerting exchanges and platforms to frost illicitly obtained funds earlier they tin beryllium laundered.

Bybit has besides assembled a information advisory committee comprising main information officers from large blockchain networks. This decentralized assembly collaborates to heighten information protocols, stock intelligence, and reenforce protective measures crossed the crypto ecosystem.

Tracking the funds

According to on-chain data highlighted by Arkham, the funds extracted successful the Bybit hack are being swapped for Bitcoin (BTC) and DAI via the multichain protocol Thorchain and the OKX Web3 Swap feature. So far, the hackers swapped $6.2 cardinal to BTC.

Blockchain analytics level SpotOnChain also noted that astir $250 cardinal has already been laundered.

Due to the operation of the onslaught and the consequent laundering process, analysts fishy that the North Korean Lazarus Group is down the Bybit hack.

Elliptic highlighted that Lazarus uses assorted layering tactics, including sending funds done galore crypto wallets, utilizing cross-chain bridges to transportation assets crossed blockchains, converting assets via decentralized exchanges oregon swap services, and leveraging mixers similar Tornado Cash.

These techniques are intended to bargain clip for launderers earlier attempting to currency retired the illicit funds. Lazarus seems to beryllium presently performing the 3rd step, utilizing multichain solutions to furniture funds.

The station Bybit unveils bounty level to tackle crypto transgression pursuing monolithic Lazarus hack appeared archetypal connected CryptoSlate.