In a bold move to dismantle the North Korean state-sponsored Lazarus Group’s cryptocurrency laundering operations, Bybit CEO Ben Zhou has launched a groundbreaking $140 million bounty program, rallying the crypto community and industry experts to join the fight.
Announced on February 25, 2025, via a post on X, Zhou unveiled Lazarusbounty.com, an industry-first platform designed to provide full transparency into the group’s illicit activities, targeting the recovery of funds stolen in a massive $1.4 billion hack linked to Bybit.
The initiative, detailed in Zhou’s post X invites “bounty hunters” to connect their wallets, trace stolen funds, and earn rewards when their efforts lead to freezes—offering 5% of the bounty to exchanges, mixers, and other facilitators. The platform, launched in Version 1 and built in just two days, features a live leaderboard of contributors, a ranking of “good” and “bad actors” based on their response to Lazarus transactions, and integration with blockchain analytics firms like Chainanalysis, Arkham, Elliptic, and TRM Labs.
Zhou’s call to action has garnered significant attention, particularly from ZachXBT, a renowned anonymous crypto investigator known for his meticulous blockchain research and rapid exposure of scams.
In a reply X post, ZachXBT expressed interest in the initiative, prompting Zhou to respond directly on X post. Zhou acknowledged ZachXBT’s prior findings, noting that the site currently includes only some of his work, and urged him to submit additional data via the platform or direct message to ensure full credit for his contributions.
The Lazarus Group, designated by the U.S. Treasury in 2020 for laundering stolen cryptocurrency from hacks on exchanges, has been a persistent threat, with North Korean cybercrime reportedly generating over $1 billion in 2022 alone, according to a UN report. Bybit’s bounty program, which allocates $140 million (29% of the stolen funds), aims to eliminate bad actors facilitating these activities while enhancing industry accountability. Future updates, including live wallet balance tracking and regulator tools, are already in development for Version 2.
The crypto community has rallied behind the effort, with users on X praising ZachXBT’s role and urging Bybit to reward his investigative work, which has previously helped law enforcement recover millions in stolen assets. Zhou’s initiative not only highlights the growing collaboration between crypto exchanges and independent investigators but also underscores the industry’s commitment to combating state-sponsored cybercrime.
For more details, visit Lazarusbounty.com or follow the ongoing discussion on X, where feedback and ideas for improvement are welcomed.
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