Bybit Recovers $43.7 Million After $1.4 Billion Hack; Offers $140 Million Bounty

Following the $1.4 billion Bybit hack on February 21, 2024, efforts to recover stolen funds are underway. Mantle's mETH Protocol recovered 15,000 cmETH tokens, valued at approximately $43 million. Tether CEO Paolo Ardoino announced the freezing of 181,000 USDT, worth $181,000. Bybit has launched a recovery bounty program, offering up to 10% of the recovered funds, potentially reaching $140 million. Despite the hack, Bybit's reserves exceed liabilities, confirmed by auditor Hacken. The Lazarus Group, linked to the hack, still holds 489,395 ETH and 15,000 cmETH in multiple wallets. The hack caused an 8% dip in ETH prices, but withdrawals have returned to normal after Bybit processed pending requests.