Bybit CEO Ben Zhou has issued a bold declaration of war against the North Korea-affiliated hacker group Lazarus, vowing to track stolen funds, strengthen security, and collaborate with global authorities to combat crypto crime.
Less than a week after Bybit suffered a staggering $1.4 billion exploit, its co-founder and CEO Ben Zhou has pledged to take relentless action against those responsible.
In a Feb. 25 post on X, Zhou rallied the crypto community to support a “war against Lazarus”, announcing a bounty program that rewards those who help freeze illegally moved funds with a 5% cut. Additionally, successful interceptions could earn participants a 10% bounty, potentially up to $140 million.
“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 are eliminated,” Zhou stated. “In the future, we will open it up to other victims of Lazarus as well.”
Bybit Replenishes Stolen Funds, but Security Concerns Persist
The attack, which resulted in the theft of liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and other ERC-20 tokens, was first attributed to Lazarus Group by blockchain investigator ZachXBT.
On Feb. 23, Bybit confirmed it had fully replaced the stolen funds, stating that it is now “back to 100% 1:1 on client assets”.
While some crypto firms opt to negotiate with hackers and offer them a bounty to return stolen funds, Zhou’s aggressive stance suggests Bybit is taking a more combative approach. However, this public call for Lazarus’ elimination could make the exchange a bigger target for future attacks.
Crypto Hacks Are Declining, but Lazarus Remains a Persistent Threat
Between 2017 and 2023, North Korean hackers reportedly stole over $3 billion in crypto, making Lazarus one of the most infamous cybercriminal syndicates in the digital asset space.
The Bybit hack stands as the largest crypto exploit in history, surpassing the $600 million Ronin Bridge hack in 2022.
However, according to PeckShield, a blockchain security firm, the number of crypto hacks and scams has been declining since 2022. Despite over $3 billion stolen in 2024, phishing attempts remain the most costly attack vector.
What’s Next for Bybit and the Fight Against Lazarus?
With Bybit’s bounty system in place and a dedicated team tracking stolen assets, the exchange has positioned itself at the forefront of crypto crime prevention. However, whether its aggressive approach will serve as a deterrent or invite further attacks remains to be seen.
Bybit’s next steps could set a precedent for how major exchanges handle cyber threats, shaping the future of security measures in the crypto industry.
