ByBit Launches Bounty Programme to Recover Stolen $1.4Bn

ByBit has announced the launch of a bounty programme to trace funds stolen in the recent cyber attack.

The plan follows the recent recovery of $43 million in USDT and cmETH linked to the hack.

ByBit Announces $140 Million Bounty

On 22 February, ByBit launched a bounty programme aimed at cybersecurity professionals and ethical hackers to help recover $1.4 billion in stolen funds.
The exchange promised to distribute 10% of the recovered funds. If the full amount is returned, participants could receive up to $140 million.

ByBit said the reward will be awarded to those who provide direct information and help recover the assets.

The CEO of ByBit, Ben Zhou, spoke of the strong community response, pointing out that organisations and industry leaders have already offered their help. He emphasised the importance of collaboration against cyber threats and reiterated ByBit's commitment to strengthening the security of the platform.

He said:

"We want to officially reward our community for their support of the Recovery Bounty Programme. Our commitment to turn this lesson into an opportunity for growth does not stop here. ByBit is determined to rise above this challenge, improve security and liquidity, and remain a trusted partner for the crypto community."

Already Recovered Over 43 Million Dollars

The efforts to recover the stolen funds are showing results. According to reports, more than $43 million in digital assets have already been returned.

Mudit Gupta, Chief Information Security Officer of Polygon, confirmed the recovery of 15,000 cmETH, worth $43 million, thanks to the collaboration between Mantle and the SEAL teams.

Gupta explained that a vulnerability in the protocol made the recovery of the funds possible.

"I immediately noticed the possibility of recovery after the hack and SEAL put me in touch with the Mantle/mETH team, which made the operation possible. A huge thank you to the SEAL, Mantle and mETH teams for their swift action," said Gupta.

In addition, Tether announced that it has frozen $181,000 in USDT related to the scam. Although the amount is small, CEO Paolo Ardoino stressed the importance of minimising financial losses.

"We just froze 181,000 USDT linked to the ByBit hack. It's not much, but it's honest work. We keep monitoring, said Ardoino.