Crypto Community Mobilizes to Retrieve $1.46 Billion Stolen in Major Heist

Fri Dec 05 2025 16:35:02 GMT+0200 (Eastern European Standard Time)

ByBit's innovative crowd-sourcing approach engages bounty hunters to track down and recover vast sums stolen by hackers associated with North Korea.

In a bid to salvage losses from a staggering $1.46 billion crypto heist, ByBit has launched a crowdsourced bounty program that incentivizes blockchain investigators to identify and freeze stolen funds. The initiative marks a significant step in combating the ongoing threat posed by negligent online criminal activities.

A prominent cryptocurrency trading platform, ByBit, has become embroiled in what is believed to be the largest crypto theft in history, totaling $1.46 billion (£1.1 billion). The heist has been attributed to the notorious Lazarus Group, linked to North Korean cybercriminals. In response, ByBit is enlisting the help of online bounty hunters to recover a portion of the lost funds.

The company is offering financial rewards to individuals who can successfully help freeze any assets derived from the theft. The CEO of ByBit, Ben Zhou, announced this initiative through social media, urging the global crypto community to join efforts against the Lazarus Group. A dedicated website has been established, featuring a live leaderboard that tracks rewards distributed to individuals and organizations that contribute to locating the stolen crypto.

Experts note that cryptocurrency transactions can be followed due to their presence in public wallets, allowing investigators to trace the flow of funds as criminals attempt to obscure their tracks through fragmented transactions. The bounty program incentivizes 5% of the identifiable sums to those who successfully engage companies controlling the funds.

Elliptic, a crypto investigation agency, praised ByBit for this initiative, indicating that it could motivate skilled blockchain investigators to track down the stolen assets. However, Louise Abbott from Keystone Law expressed concerns about the negative ramifications for trust in the cryptocurrency domain, especially in light of such a considerable breach occurring on one of the world's largest exchanges.

With no formal regulatory bodies governing cryptocurrencies, ByBit has found itself relying on the cooperation of other firms in the industry to assist in the recovery efforts. Some companies, however, have not responded positively to these requests. Notably, the exchange eXch is accused of providing a platform for laundering assets derived from criminal activities, including funds from the ByBit hack itself.

In light of these challenges, ByBit's bounty website aims to create a collaborative space for other victims of North Korean hacking activities. The site boasts a logo featuring a knife through an illustration of North Korean leader Kim Jong Un's hair, symbolizing the fight against this malicious group, which has been responsible for nearly $6 billion in crypto thefts in recent years. While North Korea has not claimed responsibility for these actions, it is widely believed that stolen funds are used to evade international sanctions and bolster the country's military capabilities.