Following a major security breach that cost Bybit anestimated $1.5 billion in losses, the crypto exchange is taking matters intoits own hands. Today (Tuesday), the exchange launchedLazarusBounty.com, an industry-first bounty platform designed to exposehackers, recover stolen funds, and increase transparency in blockchainsecurity. The Lazarus Group is a North Korean suspectedstate-sponsored cyber threat organization that has been active since at least 2009 and is reportedly attributed to the Reconnaissance General Bureau, an affiliate of the country’smilitary. Harnessing Blockchain Intelligence "Join us on war against Lazarus (lazarusbounty.com), the Industry's first bounty site that shows aggregated full transparency on the sanctioned Lazarus money laundering activities," Ben Zhou, Bybit's CEO, commented on X. "V1 includes: - Becoming a bounty hunter by connecting your wallet and help tracing the fund, when your submitted bounty leads to freeze, bounty is paid upfront upon instantly at freezing."Join us on war against Lazarus - https://t.co/6DnaH1WTId Industry first bounty site that shows aggregated full transparency on the sanctioned Lazarus money laundering activities. V1 includes: - Becoming a bounty hunter by connecting your wallet and help tracing the fund, when…— Ben Zhou (@benbybit) February 25, 2025Bybit’s new approach combines expert investigations,real-time blockchain analysis, and community-driven reporting to fight illicitactivities effectively, the exchange announced. The platform consolidates security intelligence fromtop blockchain security firms, deploys expert investigators, and enables amerit-based reward system for individuals who contribute to tracking andfreezing stolen assets.LazarusBounty.com reportedly integrates security datafrom leading blockchain analytics firms such as Chainalysis, Arkham, andGoPlus. By creating a central hub of security information,Bybit aims to enable the crypto community to take proactive action againstcyber threats. Rapid Response from When major breaches occur, LazarusBounty.comimmediately activates a panel of elite blockchain detectives, including ZachXBTand SlowMist founder Yu Xian, the announcement mentioned.The security breach has contributed to a decline inthe price of most digital assets. At the time of publication, Bitcoin traded at$87,035, representing a 7% decline in the past day, according to CoinMarketCapdata.LazarusBounty.com’s Features To strengthen its fight against cybercriminals, Bybithas established a Decentralized Security Alliance Council. Composed of chiefsecurity officers from major blockchain networks, this advisory group plays acrucial role in shaping policies, responding to security incidents, andensuring accountability across the crypto space.Bybit’s platform doesn’t just track criminals, itrewards those who help catch them. LazarusBounty.com features a bounty rewardleaderboard, where contributors who successfully trace illicit funds receiverecognition and compensation. The total bounty stands at $140 million, with 10% ofrecovered assets distributed as follows: 5% awarded to the entity thatsuccessfully freezes the stolen funds. 5% allocated to individuals who helptrace the funds.One of the new platform’s key features is an automatednotification system that alerts exchanges and platforms when stolen funds reacha traceable endpoint.This article was written by Jared Kirui at www.financemagnates.com.