Bybit has already paid more than $4 million to bounty hunters who helped trace and freeze some of the stolen funds. © 2024 TechCrunch. All rights reserved. For personal use only. ...
Read Full Article »Hacked crypto exchange Bybit offers $140M bounty to trace stolen funds
Discussion Points
- The implications of Bybit's bounty program on the cryptocurrency landscape, particularly in regards to cybersecurity and fraud prevention.r
- The potential risks and consequences of relying on bounty hunters to trace and freeze stolen funds, including the possibility of collateral damage or false positives.r
- The role of regulatory bodies in overseeing and implementing programs like Bybit's, and the need for clearer guidelines on cryptocurrency-related activities.
Summary
Bybit has allocated over $4 million to reward bounty hunters who assisted in identifying and freezing ill-gotten gains. This move underscores the growing importance of cybersecurity measures in the crypto space.
While the program may help prevent further losses, it also raises concerns about the potential for misidentification or unintended consequences. As the cryptocurrency market continues to evolve, it is essential foegulators and industry leaders to establish clear guidelines and protocols to ensure responsible and effective risk management.