Bybit CEO Declares “War” on Lazarus: $140M Bounty for Crypto’s Biggest Heist

The notorious flexibil addict and CEO of Bybit cryptocurrency exchange, Ben Zhou, has come out swinging after a massive $1.46 billion hack, saying We Will Go To War With Lazarus Group.” He has promised to pay an eye-watering $140 million to anyone who can help capture Lazarus and recover the lost funds. This is certainly bold after Bybit drew criticism over not listing Pi Network for listing. It will be interesting to see how Zhou is labeled by the media, but he surely has taken a stance in cybercrime in the world of crypto.

Targeting Lazarus Directly: A Bounty for Justice

Zhou’s declaration of war on February 25 has drawn a lot of attention after he posted his message on X (previously Twitter). He also added an accompanying link to a dedicated bounty site where people can submit evidence of Lazarus Group’s ties to the audacious crime. Zhou invited everyone to ‘Join us in war against Lazarus’ and criticized the North Korean allied hacking syndicate for their part in the heinous crime.

The bounty site outlines goals that seem impossible to achieve: Eliminate ‘Lazarus and recover the funds scattered off through untraceable exchanges, mixers, bridges, and stablecoins.’ Zhou invites everyone to partake in ‘Operation Bounty’ thus reframing the narrative in a more positive proactive adventurous light.

The Bounty Works: A Collaborative Effort

Anyone interested in becomming a ‘bounty hunter’ can simply connect their wallets to the site and help track the stolen funds. Furthermore, participants are rewarded through a tip system. For every asset that is recovered, the tipper earns 5% of the value. 5% is also awarded to those who freeze the funds.

Zhou points to the challenges of tracing attackers on fully anonymous blockchains, but stresses that wallet addresses are traceable. With the help of mixers, Lazarus’s tactics can and need to be dismantled.

A Commitment to Security: Bybit’s Response and Transparency

Zhou has made it clear that he will maintain and continually update the bounty website and will pursue Lazarus without mercy. “We will not retreat until every bad actor in the space or Lazarus is no more.” His comments suggest a shift change in security cycles within crypto, but also indicates plans to expand the bounty system to cover other victims of Lazarus.

Hackers managed to exploit Bybit’s multisig cold wallet on the 21st of February. Zhou further elaborated that during a routine fund transfer, the hackers unlocked the smart contract scheme and automatically gained access to the funds.

Regardless of the $5.5 billion dollar loss outflow following the event, Zhou has calmed fears regarding asset liquidation crisis stating, “Bybit is in a steady condition.” In fact, he stated the exchange is capable of exceeding all user payment obligations, even in the situation that the stolen funds are not recovered.

ZachXBT accuses Lazarus of the crime alongside blockchain analysis company Elliptic, dubbing them ‘Lazarus’, a name connected with brutal heinous acts of cybercrime. The FBI claims that this group operates out of North Korea.

The alleged cybercriminals are also believed to be behind other major attacks, including the 2021 $400 million crypto system hack, the 2022 Ronin bridge hack worth $600 million, KuCoin attacks, and even cyberware against Sony Pictures and the WannaCry malware.

Controversial Issues and Stubbornness: Zhou Goes Against Pi Network.

Zhou’s launch of a bounty award seems to happen at the same time when controversy erupts in Bybit’s refusal to list Pi Network. The day of the hack, Zhou gave a warning about Pi Network, suggesting that it had scam-like features which Pi Network representatives strongly denied.

This position alongside his vigorous pursuit of Lazarus indicates that Zhou is committed to transparency and security regardless of the backlash he seems to be receiving.

Lazarus And Zhou Bring The Crypto Community Together.

Zhou’s so called ‘war’ against Lazarus comes off as a unified appeal to the crypto industry. If everyone combines their efforts to trace funds that have been stolen, they will be able to send a bold message to crime syndicates.

The $140 million assassination reward isn’t just a spending spree. It provides additional value to other cryptocurrencies where perpetrators are identified and removed without mercy. As the world of crypto grows, Zhou’s initiatives sets a new standard in defending oneself against cybercrime.