One of the companies who fell victim to the world’s biggest crypto heist has turned to online techies and bounty hunters to assist in recovering some of the stolen crypto assets.
Last week, ByByit experienced a theft on its crypto trading platform after hackers suspected to be from Lazarus Group, stole about 1.5bn worth of cryptocurrency. Lazarus Group is a notorious hacking group from North Korea.
Experts believe the hackers have initiated steps to try to cash out the stolen crypto assets via online money laundering channels. ByBit has offered cash rewards to anyone who can help recover the assets.
ByBit’s CEO, Ben Zhou said in an online statement, “…join us on war against Lazarus”. Crypto assets are stored in public wallets. Hence, it is possible to query the assets online and follow the money as the hackers tend to break up the assets into smaller chunks and send it through different channels to cover their tracks and the origin of the assets.
ByBit has launched a new website where it posts a live leader board showing companies and persons who have successfully discovered some of the stolen coins. A 5 percent reward is given to companies or individuals who successfully initiate the freeze of the coins. The reward will come from a 5 percent of the recovered funds.
Additional 5 percent is given to companies who control the platforms where the stolen cryptocurrencies were identified and who successfully take action to freeze the funds.
Millions of dollars are already being posted as rewards to those who have successfully discovered and taken actions to freeze and recover the stolen crypto assets.
