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Bybit Offers $140M Bounty as Crypto Industry Rallies After Historic Hack
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. The exchange reportedly lost more than $1.4 billion in liquid-staked Ether (ETH) and MegaETH (mETH) due to a security breach.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 BreachThe 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.
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. The exchange reportedly lost more than $1.4 billion in liquid-staked Ether (ETH) and MegaETH (mETH) due to a security breach.
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.
