Bybit Unveils Enhanced API to Combat Crypto Theft with Industry-Wide Alliance

Bybit Launches API to Tackle Crypto Theft with Industry Collaboration

Bybit, the second-largest cryptocurrency exchange by trading volume, has introduced a new API designed to combat crypto theft by streamlining the identification and recovery of stolen funds. This initiative follows a significant heist in the cryptocurrency space, where Bybit swiftly compiled a list of malicious wallet addresses with the help of top white-hat hackers and investigators. The exchange received thousands of tips from industry colleagues, showcasing a strong collaborative spirit in addressing the threat.

Key Features of the API and Rewards Program

The API will be shared with verified partners through an automated interface, allowing security experts to act swiftly in recovering stolen funds. Bybit has committed to regularly updating this list to enhance the effectiveness of security responses across the network. Successful interceptions of fraudulent activities will be rewarded with a 10% bounty, reinforcing Bybit's dedication to improving security across the cryptocurrency ecosystem.

Additionally, Bybit is developing a HackBounty platform, which will further empower the industry to track down hackers collectively. Security professionals are encouraged to stay tuned for updates on this innovative initiative.

Industry-Wide Alliance and Contributions

The concerted efforts have led to the formation of an industry-wide alliance, with numerous partners contributing to the mission to combat crypto crime. Key contributors include:

• Forensic Analysis: Mandiant, Verichain, and Sygnia.co are providing crucial forensic analysis to uncover the details behind the hack.
• Address Tracing and Law Enforcement Support: ZeroShadow has activated its Global Response team to assist in tracing bad actors, identifying funds, and communicating with law enforcement.
• Exploit-Related Address Tagging: Chainalysis, Elliptic, TRM, Goplus, SEAL 911, and ZachXBT have swiftly tagged exploit-related addresses, hindering the attacker's ability to launder stolen assets.
• Security Advisory Services: SlowMist, BlockSec, and BEOSIN are offering expert security advisory services and insights.
• Compliance and Risk Assessment Solutions: VerifyVASP, AML Bot, and CryptoForensic are contributing critical compliance and risk assessment solutions.
• Cross-Chain Security Measures: Major exchanges and platforms like Binance, Coinbase, and others have facilitated essential cross-chain security measures to stop the hacker.

CEO's Vision and Bybit's Mission

Ben Zhou, co-founder and CEO of Bybit, expressed enthusiasm for the strong collaboration within the industry, stating, "This can be a transformative moment for our industry if we get it right. Together, we can build a stronger defense system against cyber threats."

Bybit's initiative underscores its commitment to creating a secure and collaborative environment in the cryptocurrency space. The exchange, which serves over 60 million users globally, aims to redefine openness and drive innovation in the decentralized world by providing robust infrastructure and advanced blockchain tools.

For more information about Bybit's Bounty Rewards Program, interested parties can contact bounty_program@bybit.com.

About Bybit

Bybit is the second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is dedicated to creating a simpler, open, and equal ecosystem for all. With a strong focus on Web3, Bybit partners with leading blockchain protocols to provide secure custody, diverse marketplaces, and intuitive user experiences. Bybit bridges the gap between traditional finance (TradFi) and decentralized finance (DeFi), empowering builders, creators, and enthusiasts to unlock the full potential of Web3.