Bybit CEO Ben Zhou is considering all possible options to recover the $1.4 billion stolen in the largest crypto hack in history, including a potential Ethereum (ETH-USD) rollback. This involves reversing Ethereum’s blockchain to a state before the hack, effectively invalidating the stolen funds. In a Feb. 22 X Spaces discussion, Zhou stated that Bybit is working with law enforcement, industry partners, and the Ethereum Foundation to explore solutions. The Lazarus Group, a North Korean-linked hacking collective, has already started moving the stolen funds between wallets in an attempt to launder the assets, according to Lookonchain.
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Bybit Launches $140 Million Bounty as Lazarus Shuffles Funds
Lazarus currently holds 489,395 Ethereum worth $1.3 billion, scattered across 54 wallets. Bybit has responded with a 10% bounty—up to $140 million—for white-hat hackers who help track or recover the stolen crypto. CEO Ben Zhou also thanked industry leaders like Tether CEO Paolo Ardoino, who confirmed that 181,000 USDT had been frozen.
Blockchain Investigators Link Bybit and Phemex Hacks
The attack is part of a bigger trend. Blockchain investigator ZachXBT discovered that wallets used in the Bybit hack were also involved in January’s $29 million Phemex hack. On-chain data shows that funds from both incidents have been commingled, further tying the attacks to the North Korean-backed Lazarus Group.
With Lazarus behind 61% of stolen crypto in 2024, Bybit’s next moves—whether an Ethereum rollback, asset recovery, or security upgrades—could influence market confidence and impact crypto prices in the coming weeks. Investors can track crypto prices in TipRanks’ cryptocurrency center. Click on the image below to find out more.
