Bybit co-founder and CEO Ben Zhou has introduced the launch of Lazarus Bounty, an initiative geared toward monitoring and freezing funds linked to the North Korean hacker group Lazarus after its $1.5B attack on the exchange company.
Notably, the Lazarus bounty platform introduces a clear and community-driven method to combating cryptocurrency-related cash laundering.
For context, the bounty program permits customers to attach their wallets and take part in tracing illicit funds. If a submitted bounty results in asset freezing, members obtain an immediate reward.
In the meantime, exchanges, mixers, and different entities concerned in freezing these property will obtain 5% of the recovered funds.
A Clear Method to Crypto Safety
Lazarus Bounty gives a stay rating system categorizing business members primarily based on their responsiveness to sanctioned transactions. Entities that fail to behave in opposition to illicit actions danger being flagged as facilitators of cash laundering.
Moreover, a stay API pockets handle replace function integrates with blockchain analytics corporations akin to Chainalysis, Arkham, Elliptic, and TRM Labs, guaranteeing real-time monitoring and monitoring of illicit transactions, in response to Zhou.
Future Developments and Enlargement
Bybit has dedicated devoted assets to sustaining and updating the platform. Future updates will embrace:
- Reside monitoring of sanctioned wallets, permitting bounty hunters to observe and claim rewards for tracing illicit fund actions.
- Regulatory instruments to assist authorities in figuring out and mitigating monetary crimes.
- Enlargement to different victims, enabling affected events to report and recuperate misplaced funds.
“We won’t cease till Lazarus and dangerous actors within the business are eradicated,” Zhou acknowledged.
Trade Collaboration and Implications
The initiative underscores rising business efforts to combat illicit finance in cryptocurrency. Bybit’s transfer aligns with rising regulatory scrutiny and business requires higher transparency in digital asset transactions.
The launch of Lazarus Bounty marks a shift towards proactive safety measures, empowering each the crypto group and regulatory our bodies in stopping monetary crime.
