Michaela
Bybit CEO and co-founder Ben Zhou has launched a global bounty program, enlisting the crypto community to help track and recover funds allegedly stolen by the North Korea-linked Lazarus Group. The initiative, supported by a dedicated bounty tracking platform, aims to incentivize users worldwide to assist in intercepting the stolen assets.
In a post on X, Zhou unveiled a new online platform and urged the crypto community to join the effort, calling for a “war against Lazarus.” The CEO announced that individuals who successfully freeze illegally transferred funds could earn a 5% reward in cryptocurrency. However, according to the bounty platform, “Successful interceptions will be rewarded with a 10% bounty” — offering potential payouts of up to $140 million.
“We have assigned a team to dedicate to maintain and update this website, we will not stop until Lazarus or bad actors in the industry is eliminated. In the future we will open it up to other victims of Lazarus as well,” Zhou wrote.
On February 21, hackers stole over $1.4 billion in assets from the cryptocurrency exchange Bybit. Blockchain analyst ZachXBT identified the North Korea-linked Lazarus Group as the likely perpetrators. In a post on X, Arkham Intelligence confirmed the findings, stating that the blockchain investigator had “submitted definitive proof” connecting the cybercriminal group to the attack.
Blockchain investigator ZachXBT reported that the attack led to the theft of over $1.4 billion in liquid-staked Ether, Mantle Staked ETH (mETH), and various ERC-20 tokens. In response, Bybit announced on February 23 that it had fully restored the stolen assets, stating the exchange was “back to 100% 1:1 on client assets.”
The Infamous Lazarus Group
The Lazarus Group is a notorious cybercriminal organization linked to North Korea’s government and has been responsible for some of the most significant cyberattacks in history.
The group, believed to be operating under North Korea’s Reconnaissance General Bureau, has been active since at least 2009 and is known for conducting financial cybercrimes to fund North Korea’s regime, bypassing international sanctions. North Korean-linked hackers have reportedly stolen billions of dollars over the past several years.
The group frequently uses fake job offers, malicious software, and social engineering tactics to infiltrate organizations and steal funds. Crypto startups, fintech firms, and blockchain developers have been major targets.
Lazarus increasingly focuses on cryptocurrency theft as it provides easier ways to launder and move funds compared to traditional financial systems. The stolen crypto is often funneled through mixers and decentralized exchanges before being converted into fiat currency.
Read More
- Lazarus Group Levels Up with Fake Blockchain Game in Crypto Heist
- Lazarus Group Exploits Google Chrome Zero-Day Vulnerability in Crypto Attack
- US Is Bent On Seizing Back $2.67M in Crypto Stolen by Lazarus Group
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
