Ben Zhou, CEO and co-founder of Bybit, has launched a worldwide reward scheme to involve the crypto community in tracking down and recovering funds allegedly stolen by North Korea’s Lazarus Group. The program, which is backed by a specialized reward monitoring tool, seeks to incentivize users globally to help intercept stolen assets.
In a post on X, Zhou announced a new online platform and invited the crypto community to join the endeavor, claiming a “war against Lazarus.” The CEO said that those who successfully freeze unlawfully moved cash will get a 5% bitcoin incentive. However, according to the bounty site, “successful interceptions will be rewarded with a 10% bounty,” which could result in payouts of up to $140 million.
“We have designated a crew to monitor and update this website, and we will not stop until Lazarus and other negative actors in the business are gone. Zhou wrote, “In the future, we will open it up to more Lazarus victims.”
On February 21, hackers stole more than $1.4 billion in assets from the cryptocurrency exchange Bybit. The most probable offenders, according to blockchain researcher ZachXBT, are the North Korean-linked Lazarus Group. In an X post, Arkham Intelligence verified the results, adding that the blockchain investigator had “provided definitive proof” linking the cybercriminal gang to the attack.
According to blockchain investigator ZachXBT, the hack resulted in the loss of more than $1.4 billion in liquid-staked Ether, Mantle Staked ETH (mETH), and numerous ERC-20 tokens. In response, Bybit claimed on February 23 that it had fully restored the stolen funds and that the exchange was “back to 100% 1:1 on customer assets.”
Infamous Lazarus Group
The Lazarus Group is a legendary cybercriminal outfit affiliated with the North Korean government that has carried out some of history’s most major cyberattacks.
The gang, thought to be affiliated with North Korea’s Reconnaissance General Bureau, has been active since at least 2009 and is notorious for committing financial cybercrimes to support North Korea’s dictatorship while avoiding international sanctions. Over the last few years, hackers with ties to North Korea have allegedly stolen billions of dollars.
To penetrate businesses and steal funds, the criminal group typically utilizes bogus employment offers, harmful malware, and social engineering methods. Crypto businesses, finance firms, and blockchain developers have all been primary targets.
Lazarus is more focused on cryptocurrency theft since it allows for quicker money laundering and movement than traditional banking institutions. The stolen cryptocurrency is frequently passed through mixers and decentralized exchanges before being converted to fiat cash.
Michaela holds no cryptocurrency investments or assets. This post is intended solely for informative reasons and should not be interpreted as financial advice. The Shiba Inu cryptocurrency project’s official media outlets and publications are The Shib Magazine and The Shib Daily. Readers should perform their research and contact a certified financial adviser before making any investment choices.
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