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The crypto community is abuzz with reports of Bybit’s historic bounty offer of one of the largest in the history of cryptocurrency to trace stolen money from a recent hack. The exchange has promised 10% of any assets that get recovered, potentially worth $140 million, to cybersecurity professionals, blockchain researchers, and ethical hackers who assist in tracing and recovering the hacked crypto.
The Huge Bybit Hack
Bybit’s Ethereum multisig cold wallet was breached in a scheduled transfer to Bybit’s warm wallet. This attack resulted in a major loss, being among the biggest ever crypto thefts.
ZachXBT’s Breakthrough Finding and $35K Reward
Blockchain sleuth ZachXBT, with his reputation for tracking down crypto exploits, was instrumental in finding the hack. His discovery prompted Bybit to pay him a bounty of 50,000 ARKM tokens (equivalent to about $35,000).
A Record Bounty to Return Looted Money
Bybit’s proposal is one of the largest bounties ever offered in the crypto space, demonstrating their commitment to finding the culprits and retrieving user funds. This bounty initiative creates opportunities for security experts from around the globe to help with tracing stolen assets on the blockchain.
The Effect on the Crypto Sector
This action by Bybit raises several questions:
Will this bounty speed up the retrieval of stolen funds?
Can white-hat hackers and blockchain analysis be used to combat crypto theft more effectively?
Will other exchanges follow suit in providing similar bounties?
As the crypto space fights increasing security threats, Bybit’s move could become a precedent for how big hacks are dealt with in the future. For now, everyone is watching the blockchain’s best minds try to solve one of crypto’s biggest thefts in history.
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