Hello, tech enthusiasts! In a groundbreaking response to a staggering heist, the crypto exchange Bybit is making headlines with its remarkable bounty offer.

Recently, hackers made off with an astonishing $1.4 billion in Ethereum from Bybit, marking one of the largest crypto thefts in history. To combat this audacious act, Bybit is rolling out a total bounty of $140 million for anyone who can assist in tracking down and freezing the stolen assets.

Ben Zhou, the CEO and co-founder of Bybit, announced this initiative through a post on X, emphasizing the importance of community involvement in recovering the lost funds. According to Bybit, for each successful trace and freeze of the stolen funds, the finder and the freezing entity will each receive 5% of the retrieved amount.

As of now, thanks to the efforts of five bounty hunters, Bybit has successfully awarded over $4 million in bounties. The bounty initiative aims to mobilize more hunters in pursuing the stolen assets, showcasing a cooperative approach to security in the crypto space.

According to recent findings, a significant part of the attack stemmed from malicious code embedded within the SafeWallet infrastructure, indicating the vulnerabilities that can exist within crypto technologies.

This is a strong reminder of the ever-evolving challenges faced in cyber security, especially in the realm of cryptocurrency. Bybit’s proactive stance might not only help recover stolen assets but also set precedents for future security measures across the sector.