Bybit has taken action to solve one of the biggest crypto thefts in history. The exchange is offering a reward of up to $140 million to cyber security experts and blockchain analysts to track down the $1.4 billion loss.

Crypto exchange Bybit has launched a major reward program to shed light on a recent attack, considered one of the biggest crypto thefts in history.

The exchange announced that cyber security experts and blockchain analysts who help in recovering the stolen funds will be rewarded with 10% of the rescued assets. It is stated that this reward amount could reach up to $140 million.

Bybit’s security move

Bybit, the world’s second largest crypto exchange in terms of trading volume, has started taking steps to promote industry-wide collaboration following the $1.4 billion Ethereum (ETH) theft.

Ben Zhou, co-founder and CEO of Bybit, mentioned that they have received support from some of the best security experts and institutions in the industry after the incident, stating, “We shared a dark moment in crypto history, but proved to be better than malicious actors.” Zhou emphasized the company’s determination to strengthen security and liquidity.

Suspicions of the Lazarus group and chain analysis

Blockchain researcher ZachXBT identified that the attack was carried out by the North Korean hacker group Lazarus. Research revealed that funds were moved in four different stages using complex anti-tracking techniques.

According to ZachXBT’s findings, the attackers gained access to Bybit’s Ethereum (ETH) multi-signature cold wallet during a routine transfer to the exchange’s hot wallet.

Manipulating the signing interface, the attackers successfully altered the logic of the smart contract to make misleading transactions appear legitimate. As a result of these findings, ZachXBT was awarded 50,000 ARKM by Bybit.