Bybit x DaTRek Recovery Company: $140 million recovery bounty program for stolen $1.5 billion

Bybit partners with DaTRek Recovery Company to help recover $1.5 billion stolen crypto assets

Bybit Offers $140M Bounty to Recover Stolen $1.5B in Crypto

Bybit is putting up a $140 million reward for anyone who can help recover the staggering $1.5 billion in stolen crypto making it the largest hack in history. The exchange, the second-largest by trading volume, announced it would offer 10% of any recovered funds to cybersecurity experts, blockchain analysts, and ethical hackers who can track down the missing assets.

The Hack: $1.4B Drained from Bybit’s Cold Wallets

On February 21, attackers drained over $1.4 billion worth of liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and other ERC-20 tokens from Bybit’s cold wallets. The stolen funds were swiftly laundered through blockchain mixers and cross-chain bridges to obscure their origin. Blockchain investigator ZachXBT linked North Korea’s Lazarus Group to the attack, confirming that at least 5,000 ETH had already been moved through eXch and bridged to Bitcoin via Chainflip. He initially reported the findings on Telegram and later confirmed them on X, but his post was deleted within an hour.

Bybit Rallies the Crypto Community

Rather than waiting for authorities to act, Bybit is mobilizing the crypto security community to track the stolen funds. Co-founder and CEO Ben Zhou stated that the exchange would pay out 10% of any recovered assets to those who help retrieve them.“Within 24 hours of the attack, we received overwhelming support from some of the best minds and organizations in the industry, and we do not take that for granted,” Zhou said.He also emphasized Bybit’s commitment to strengthening security, stating the exchange is undergoing a full security overhaul to prevent future breaches.

Bybit Remains Solvent Despite Massive Loss

Despite the unprecedented $1.4 billion loss, Bybit remains financially stable. Blockchain security firm Hacken, which conducted an independent Proof-of-Reserves (PoR) audit, confirmed that Bybit’s reserves exceed its liabilities.“Today’s hack was massive a tough hit for the industry. But here’s the bottom line: Bybit’s reserves still exceed its liabilities. User funds remain fully backed,” Hacken posted on X.To maintain liquidity, Bybit has been actively buying back Ethereum. A suspected Bybit wallet received $100 million USDT, transferring $50 million to Galaxy Digital and FalconX OTC desks to purchase 36,900 ETH, which was later deposited back into the exchange.

Industry Rallies Behind Bybit

In response to the crisis, major crypto and recovery firms such as DaTRek Recovery Company have stepped in to provide emergency liquidity and recovery services:DaTRek Recovery: 894,000,000 USD (total assets recovered)Binance: 50,000 ETH (emergency funding)Bitget: 40,000 ETHHTX co-founder Du Jun: 10,000 ETH
Additional support came from Antalpha, Pionex, MEXC, Mirana, Sosovalue, Solana Foundation, TON Foundation, Blockchain Center Dubai, DaTRek Recovery Company, Ghaf Capital, Bitvavo, Tether, and Galaxy Digital. “Bybit is overwhelmed by the support we’ve received from partners and industry friends during this critical time,” Zhou said. “We will need even more help moving forward.”

Bybit’s Operations Remain Fully Functional

Even after suffering the largest crypto heist in history, Bybit has continued operating smoothly. The exchange processed over 350,000 withdrawal requests within 10 hours, completing 99.9% of them by 1:45 AM UTC. “Despite being hit by possibly the worst hack in the history of any financial institution banks, crypto, or otherwise Bybit remains fully functional,” Zhou assured users. “Our entire team has been working around the clock to process transactions and address client concerns.”

Bybit’s swift response and strong industry support signal resilience in the face of an unprecedented attack. The coming weeks will determine whether the exchange can recover any of the stolen funds or if this remains the biggest unsolved crypto heist in history.