Bybit’s Zhou launches Lazarusbounty to track encryption criminals

Ben Chu, CEO of BYBIT, Lazarusbounty.com, launched a reward for tracking and stopping the Lazarus Group, an electronic crime organization linked to North Korea.

This platform allows the encryption community to work together to expose and freeze stolen encryption assets. It aims to fight illegal activities in the industry with the reward for those who help in capturing bad actors.

According to the participation of Zhou, one of the main features of the platform is the Hunter Bounty system, where users can connect their portfolios and help track stolen money. If their results lead to the freezing of illegal assets, they receive immediate compensation.

The exchanges, mixers and platforms that cooperate in freezing boxes will also be rewarded with 5 % of the reward. This system stimulates the active participation in stopping money laundering and holding bad actors accountable.

Lazarusbounty.com comes in the wake of Huge security breach in bybit, The infiltrators took advantage of the Cold Ethereum Multisig wallet from ETHEREUM, which led to an estimated $ 1.5 billion of stolen assets.

The site includes a direct classification system that tracks the speed of exchanges and Blockchain companies for lazarus transactions. It shows the platforms that take action against illegal activities and which may help criminals. Those who do not act on approved transactions can be classified as bad actors.

The platform also provides live API updates with suspicious wallet addresses in the actual time of Blockchain analysis companies such as Labs Arkham, Eliptic and TRM.

“We have appointed a dedicating team to keep this site and update, and we will not stop until Lazaros or bad actors in the industry are canceled. In the future, we will open it to the victims of other Lazaros as well,” Zhu said.

In addition, Lazarusbounty.com V2B will come, and will add the tracking of the wallet in an actual time, allowing reward fishermen to claim and monitor wallets for rewards. It will also provide tools to help organizers in investigations.

Also read: A safe portfolio to resume services within 24 hours after penetration by bybit