Ben Zhou, Bybit’s CEO, has launched LazarusBounty.com, a bounty platform to track and stop the Lazarus Group, a cybercrime organization linked to North Korea.
This platform allows the crypto community to work together to expose and freeze stolen crypto assets. It aims to fight illegal activities in the industry while rewarding those who help catch bad actors.
As per the post of Zhou, one of the key features of the platform is the bounty hunter system, where users can connect their wallets and help trace stolen funds. If their findings lead to the freezing of illicit assets, they receive an instant payout.
Exchanges, mixers, and platforms that cooperate in freezing funds will also be rewarded with 5% of the bounty. This system incentivizes active participation in stopping money laundering and holding bad actors accountable.
The launch of LazarusBounty.com comes in the wake of a massive security breach at Bybit, where hackers exploited the exchange’s Ethereum multisig cold wallet, resulting in an estimated $1.5 billion in stolen assets.
The website includes a live ranking system that tracks how quickly exchanges and blockchain firms respond to Lazarus-related transactions. It shows which platforms take action against illegal activities and which ones might be helping criminals. Those who don’t act on sanctioned transactions could be labelled as bad actors.
The platform also provides live API updates with real-time suspicious wallet addresses to blockchain analysis firms like Chainalysis, Arkham, Elliptic, and TRM Labs.
Zhou also said, “We have assigned a team to dedicate to maintaining and updating this website, we will not stop until Lazarus or bad actors in the industry is eliminated. In the future, we will open it up to other victims of Lazarus as well.”
Additionally, LazarusBounty.com V2B is coming, and it will add real-time wallet tracking, letting bounty hunters claim and monitor wallets for rewards. It will also introduce tools to help regulators with investigations.
Also Read: Safe Wallet to Resume Services in 24 Hours After ByBit Hack
