Bybit Offers $140 Million Bounty Post Crypto Theft

Bybit Announces Up to $140 Million Bounty After Major Crypto Theft

The cryptocurrency exchange, Bybit, based in Dubai, recently announced it is offering a bounty of up to $140 million to security experts who help recover cryptocurrencies stolen by hackers. This move follows one of the industry's most severe security incidents, where the company lost more than 400,000 ETH in a 'sophisticated attack.' The total loss amounted to around $1.5 billion, marking it as the largest theft in crypto industry history.

The Attack and Immediate Response

According to Bybit, the hackers carried out an extremely sophisticated attack, bypassing systems and stealing vast amounts of cryptocurrency. As soon as the attack was detected, the company shut down its systems, secured the remaining funds, and initiated collaboration with the world's leading cybersecurity experts. The CEO of Bybit highlighted that managing the situation post-attack was challenging for the company, but the support from the crypto industry was impressive.

Industry Collaboration

Bybit is not alone in this fight. The company is working in collaboration with various other cryptocurrency exchanges and industry players to prevent further movement of stolen funds and restore market stability. It highlighted that partners such as Antalpha Global, Bitget, Pionex, MEXC, SoSoValue, Galaxy Digital, FalconX, Lido Finance, Solana Foundation, Ton Foundation, Ghaf Capital, Fenbushi, Bitvavocom, Tether, and many others provided extraordinary support. This coalition not only empowered Bybit but also set an example for the entire industry in defending against future hacker threats.

The 10% Bounty

Bybit announced that it would offer 10% of the recovered amount as a bounty to the cybersecurity and network experts who assist in retrieving the stolen cryptocurrencies. This could amount to up to $140 million if the whole sum is recovered. The company called upon 'the brightest minds in cybersecurity and crypto-analysis' to join the global pursuit of hackers.

Future Outlook

Bybit is not only focusing on handling the current situation but also planning long-term changes. The company promised to 'fundamentally transform' its security infrastructure and improve its liquidity. The exchange is working closely with industry leaders to establish new standards for crisis management. This not only serves to secure and maintain the trust of Bybit users but also strengthens the entire crypto industry's defense against future threats.

Conclusion

Bybit's story clearly highlights one of the most significant challenges in the crypto industry: security. Hackers are employing increasingly sophisticated methods, and companies must continually develop their defense strategies. The Bybit case is not only about a loss but also about how industry collaboration and innovative solutions can effectively address challenges. The $140 million bounty is not only a financial incentive but also a strong message to hackers: the crypto industry does not easily give up the fight.

Dubai, as one of the centers of the crypto industry, once again demonstrated that technological innovation and global cooperation are key to making the future more secure.