Crypto bounty hunters helped salvage Bybit’s business
- North Korean hackers stole $1.4bn
- LazarusBounty hunt returns millions
- Trust from regulators is key
A $1.4 billion theft would cripple most companies, but Dubai-based crypto exchange Bybit turned to bounty hunters to salvage its funds and reputation.
When North Korea’s Lazarus Group hacked its crypto wallets in March, Bybit launched “LazarusBounty”, one of the biggest hunts yet to trace, freeze and recover stolen crypto assets.
Bounty hunting within the cryptocurrency sector has become an industry. Bybit offered up to 10 percent of the total for any funds frozen or recovered. More than $2.3 million has been paid to 13 bounty hunters, according to the LazarusBounty webpage.
To date, more than $73 million has…
