Crypto Hackers Face Global Hunt as Bybit Offers Bounty
ByBit is offering financial rewards to anyone who can spot criminals attempting to launder the stolen cryptocurrency, making it a complex online money laundering process. The company is seeking to recover some of its losses by crowdsourcing online bounty hunters to join forces against hackers thought to be from North Korea's infamous Lazarus Group. The website has already displayed millions of dollars in payments to successful crypto sleuths and will continue to update the list until the bad actors are eliminated.
- This innovative approach highlights the need for greater cooperation between cryptocurrency exchanges, law enforcement agencies, and regulatory bodies to combat the growing threat of cybercrime in the global financial system.
- What role can governments play in providing more effective support and resources to crypto companies like ByBit that are struggling to recover stolen funds from international hackers?