Bybit Offers $140M Bounty to Recover Stolen Crypto Assets
1min read Cryptocurrency exchange Bybit has launched a $140 million bounty program to recover stolen crypto assets, demonstrating its commitment to security, transparency, and industry trust. The initiative, announced by the company, involves collaborating with ethical hackers and cybersecurity professionals to retrieve funds compromised through its platform.
The bounty program offers a 10% reward from recovered funds to participants. With an estimated worth of $1.4 billion for the stolen assets, the total bounty amount could potentially reach $140 million. Bybit's strong commitment to security and transparency is evident in its support for blockchain technology and industry collaboration, aiming to restore trust in the ecosystem.
Bybit's chief executive officer, Ben Zhou, expressed gratitude to the experts who have shown support to the platform since the incident occurred. The company continues to focus on enhancing security measures, having received valuable help from supporters. Zhou assured that Bybit will overcome this recent setback and remain dedicated to creating a trusted platform for its users.
The incident serves as an opportunity for Bybit to learn and grow. The company is devoting resources to upgrade its security systems and boost its transaction speed capacity. Bybit is working to establish new safeguards to prevent potential future incidents, with multiple cybersecurity professionals from around the world likely to show interest in the bounty program.
The recovery efforts for this attack will most probably involve ethical hackers and blockchain analysts. Bybit holds strong optimism about the future success of this initiative, as the company stays dedicated to continuing working with members of the crypto community. The effectiveness of the program will become clearer in the coming weeks, as efforts to track and retrieve stolen assets continue.
