Bybit pledges $1.4 million to help catch scammers

According to the statement of the exchange, the incident was the largest robbery in the history of cryptocurrencies. “As part of the investigation and recovery efforts, Bybit is committed to disbursing 10% of the refunded funds as a reward to ethical cybersecurity and network security experts who will play an active role in recovering the stolen cryptocurrencies,” the organization said in a statement. Immediately after the incident, the exchange received great support from the crypto community and the largest projects in the field, which were able to unite to mitigate the consequences of the hacker attack. Earlier, hackers broke into the cold wallet of one of the customers of the Bybit exchange. Its user interface was spoofed, causing the transaction confirmation to change the smart contract and more than $1.4 billion in the Ethereum (ETH) cryptocurrency to fall into the hands of attackers. As a result, the exchange lost up to 8% of its reserves.

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