Bybit made the first move to replace Ethereum over the stolen billion dollars!

Bybit initiated a comprehensive investigation into a large -scale security violation recently Ethereum (ETH) It was reported that he started to buy.

According to Blockchain process data, an estimated Bybit address (0x2e… 1b77) received 100 million USDT from B5E76 about 10 hours ago. Following this, 50 million USDT was transferred to OTC addresses of Galaxy Digital and Falconx seven hours ago, respectively. The stock market then bought a total of 36,900 ETH only one hour ago.

Bybit CEO Ben Zhou said in a statement that they would not buy ETH instead of stolen assets.

In response to the unprecedented security violation, Bybit officially announced that he started the “Award Recovery Program”. The initiative aims to cooperate with global cyber security and block chain analytics experts to trace the perpetrators behind the incident, which is called the biggest theft in the history of crypto.

As a part of this program, Bybit offers a 10 %award to the participants who successfully saved stolen funds. The total award will be calculated according to the confirmed recovery of the stolen ETH, which has a value of over $ 1.4 billion during the incident. If all stolen assets are taken back, the total payment can reach an amazing figure of $ 140 million.

Ben Zhou, CEO of Bybit, expressed his satisfaction with the rapid reaction of the sector and said: ık We received strong support from the leading names and organizations of the sector within 24 hours after the incident. We hope to officially reward the members of the community through the ‘Award Recovery Program’ that provides us with expertise, experience and support. We won’t stop here. Interested participants can contact the platform. ”

Shenyu, Cobo’s founding partner and CEO, evaluated the security problems caused by Bybit’s $ 1.5 billion security violation. X (formerly called twitter) in his share, Blockchain safety drew attention to three basic weaknesses:

• Defenseless Front-End and add-ons: Interfaces can be easily manipulated, which makes users difficult to verify signature data.
• Multi-Sig Key Owner Problems: Lack of independence and compulsory control mechanisms in multiple signature environments increases the risk of safety.
• Weak hardware wallet safety: Many hardware wallets have weak processing capabilities, which leaves them in a blind signature.

*It is not an investment advice.