Bybit faced one of the largest security breaches in crypto history, but rather than standing alone, the exchange witnessed an extraordinary wave of industry-wide support.

Key players in both centralized and decentralized finance rallied to contain the attack, prevent fund movement, and support the recovery process. This collective effort underscores the crypto industry's resilience and commitment to security.

In response, Bybit has also launched a $140M Recovery Bounty Program, offering incentives to experts who help track and retrieve stolen assets.

Immediate Action to Contain the Breach

The moment Bybit detected the attack, its security team swiftly locked down the system, secured user funds, and coordinated with top cybersecurity firms. Major industry names, including Antalpha Global, Bitget, Pionex, MEXC, and others, stepped in to assist.

Blockchain security firms blacklisted addresses linked to the exploit, preventing unauthorized fund transfers. Chainalysis quickly identified the hacker’s wallet, allowing the broader community to track movements in real-time.

“Within 24 hours of the event, we were overwhelmed with support from some of the best people and organizations in the industry, and we do not take it for granted. We have shared in a dark moment of crypto history, and we’ve proven we are better than the malicious actors,” said Ben Zhou, co-founder and CEO of Bybit.

“We want to officially reward our community for lending us their expertise, experience, and support through the Recovery Bounty Program, and our efforts to make this difficult lesson a valuable one does not stop here."

Strengthening Crypto’s Security Future

Additionally, Zero Shadows activated a 24/7 response team to assist with bad actor tracing, fund recovery, and law enforcement coordination. Crypto Leaders Reinforce Market Stability. Despite the uncertainty, Bybit’s institutional clients, including Wintermute, Cumberland, and GSR Markets, maintained trading positions, preventing widespread market panic.

Bybit’s $140M Recovery Bounty ProgramDetermined to retrieve stolen assets, Bybit has announced a Recovery Bounty Program, offering 10% of recovered funds to security experts who contribute to tracking and reclaiming the lost assets.

With over $1.4 billion in compromised funds, the bounty could reach $140 million in rewards. Bybit is calling on ethical hackers, analysts, and blockchain investigators to join the initiative.

Bybit remains committed to transparency, promising continuous updates as it enhances security infrastructure and reinforces industry-wide defense mechanisms.

Source: Finance Magnates