Cryptocurrency exchange Bybit has launched an extensive manhunt for hackers who have stolen over $1.4 billion in Ethereum and other tokens. In a bid to freeze the criminals’ assets and identify those responsible, the company has unveiled the Lazarus Bounty platform, offering rewards of up to $140 million for assistance in tracing the stolen funds.
Bybit has introduced a dedicated dashboard where users can report suspicious transactions and monitor which market participants operate transparently and which attempt to conceal illicit assets. According to the company’s CEO, Ben Zhou, blockchain transparency has become the foremost weapon in the fight against cybercrime. He emphasized that the perpetrators will inevitably be tracked down, and justice will be swift.
In a public statement, Zhou declared “war” on the North Korean hacker collective Lazarus, which analysts suspect to be behind this attack. The Lazarus Bounty platform has already mapped out the movement of the stolen funds and details the measures taken by various entities to freeze the assets. Recent reports indicate that approximately 3% of the stolen assets—$42 million—have already been successfully locked.
The Lazarus Bounty reward system operates on a merit-based ranking model: the more valuable the intelligence provided, the greater the potential payout. Bybit is also working closely with a security advisory board comprising leading data protection experts from the largest blockchain platforms.
Among the organizations actively aiding the investigation are stablecoin issuers Tether and Circle, along with major cryptocurrency exchanges that have frozen funds moved by the hackers. According to Chainalysis analysts, North Korean hacking groups orchestrated breaches amounting to over $1.3 billion in 2024, following $660 million in 2023.
Bybit, one of the largest centralized exchanges with over 26 million monthly visitors, is continuing efforts to restore financial equilibrium after the attack. To cover the losses, the platform has secured loans, leveraged internal reserves, and made additional ETH acquisitions. Over the past 24 hours alone, Bybit has processed more than $6 billion in trading volume.
The Lazarus Bounty initiative could set a precedent within the industry, demonstrating how crypto platforms can collaborate to thwart illicit activities and counteract hacking threats. Bybit is sending a clear message: cybercriminals will not be allowed to profit from stolen assets with impunity.
