Bybit, a cryptocurrency exchange, has launched a recovery bounty program after suffering a US$1.4 billion hack on Feb. 21, 2025.

The exchange will offer 10% of any recovered funds, up to US$140 million, to those who assist in the recovery.

The hack is attributed to the Lazarus Group, a North Korean state-sponsored hacking group.

Security researcher ZachXBT reports that the group has started laundering the stolen funds, moving 5,000 ETH worth about US$13.7 million.

So far, two recoveries have been reported.

The mETH Protocol team stopped the withdrawal of 15,000 cmETH, worth US$43.5 million, and transferred the funds to a recovery address.

Tether CEO Paolo Ardoino also announced the freezing of US$181,000 USDT linked to the hackers.

Recent Bybit developments