Bybit CEO reassures users that they are working hard to recover storage funds as users seek the possibility of reversing the Ethereum blockchain.
According to Bybit CEO Ben Zhou, the exchange will use every tool to recover the stolen money, including a bounty program for anyone who helps return the money, collaborating with law enforcement, and speaking with the Ethereum Foundation to discuss potential solutions.
Bybit CEO To Make Decision
In an X Spaces interview on February 22, Zhou was asked if he favored reverting the Ethereum blockchain to its pre-Lazarus Group hack state, which would null and void the stolen money. In response, the CEO of Bybit said:
“I don’t know if it’s a decision made by one man. A voting process to determine what the communities want should be implemented in the spirit of blockchain, but I’m not sure.
After The DAO was hacked in 2016, the Ethereum blockchain was “rolled back,” and about $60 million worth of Ethereum was removed.
A hard fork caused by this hack divided the Ethereum blockchain into “Ethereum Classic,” which contains the illegal transactions and the proof-of-stake chain currently regarded as the primary Ethereum network.
Bybit Announces Bounty Reward As Lazarus Group Transfers Stolen Money
The Lazarus Group presently owns about 489,395 ETH, worth about $1.3 billion, and 15,000 Mantle Restaked ETH (cmETH) in 54 wallets, according to onchain analytics company Lookonchain.
To conceal the money’s origin and launder it onchain, the hacker collective, which is thought to have ties to North Korea, has been moving the stolen funds between wallets.
A 10% bounty program, worth up to $140 million, was announced by Bybit on February 22 for white hat hackers who help recover the stolen cryptocurrency from the threat actors.
The CEO of Bybit also conveyed his sincere appreciation to business leaders and companies for supporting the exchange following the most significant cryptocurrency hack in history.
Following the hack, Bitget CEO Gracy Chen stated that the exchange would block any transactions originating from wallets connected to the Lazarus Group. At the same time, Tether CEO Paolo Ardoino declared that the stablecoin issuer had frozen 181,000 USDt.
