Bybit, the 2nd-biggest crypto exchange in line with its trading volume, has announced the Recovery Bounty Program to retrieve the funds stolen in a recent massive exploit. As per Bybit, it will provide ten percent of the funds, that the hackers drained, to those recovering them. The platform announced the bounty project in a recent press release.
Bybit Announces Recovery Bounty Program with Significant Rewards
In its statement, Bybit has invited the brightest minds within the world of crypto analytics and cyber security for Recovery Bounty Program. The crypto exchange wants them to recover funds from the huge $1.4B that the exploiters have stolen in the recent exploit. On the recovery, the platform will reportedly provide ten percent of the retrieved amount to those responsible for recovering it. This figure equals a significant $140M in the case of the total stolen amount.
As included in Bybit’s endeavor to detect and recover exploited funds, it will deliver ten percent of the reclaimed funds. In this respect, it intends to reward the ethical network and cyber security veterans who actively engage in recovering the stolen crypto assets. In addition to this, the platform also mentioned that it pays substantial attention to transparency and good use of blockchain technology. It also provided the email address [email protected] for organizations and individuals interested in taking part in the recovery project.
CEO Assures Community to Reform Security Infrastructure of Crypto Exchange
According to the Bybit CEO Ben Zhou, they received considerable support from the prominent organizations and people within twenty-four hours of the exploit. He encouraged the interested parties to lend their proficiency, support, and experience via the Recovery Bounty Program. The executive assured the community about Bybit’s rise above this obstacle and to redefine the security infrastructure thereof.
