Following the historic hack on February 21, Bybit has managed to partially recover the stolen funds. In addition, the platform has announced a reward equivalent to 10% of the recovered assets for those who contribute to tracking and restoring the funds stolen in the hack.
The team behind mETH Protocol, a restaking protocol based on Ethereum's Layer 2, Mantle Network, managed to recover 15.000 cmETH, valued at over $40 million USD, currently. Additionally, Paolo Ardoino, CEO of Tether, reported that his company froze $181.000 USD in USDT linked to this hack.
While the Bybit hack has been a significant blow to the crypto industry, the collective efforts to minimize losses reflect the growth and maturity of the industry, as well as the importance of collaboration in combating threats that challenge the security of the digital ecosystem.
PREPARE YOUR WALLETFor its part, Bybit has launched a rewards program, offering 10% of recovered funds to those who help track and rescue stolen assets.
The Bybit Hack: An Unprecedented Attack
As an reported According to this source, the Bybit hack, which occurred on February 21, 2025, was carried out through unauthorized access to an Ethereum cold wallet. Cold wallets, which are not connected to the internet, are usually considered the safest for storing digital assets. However, in this case, the attackers managed to manipulate a transaction between the cold wallet and the hot wallet, used for daily operations, diverting the funds to an unidentified address.
The total amount stolen is estimated at over $1.400 billion, making it one of the largest hacks in cryptocurrency history. The attack caused great alarm in the community. However, after the incident, Bybit CEO Ben Zhou assured that the platform remains solvent and is committed to the security of its users. He also highlighted the rapid response of the crypto community, which has been instrumental in initiating the recovery processes.
A collective effort to recover the funds
While the Bybit hack was a significant blow, recovery efforts have been swift and effective. One of the most notable achievements was the recovery of 15.000 cmETH by the Mantle-based mETH Protocol team. These tokens are worth approximately over $40 million USD and were rescued thanks to close collaboration with the SEAL and Mantle teams.
Mudit Gupta, chief information security officer at Polygon, explained that the team identified a gap in the protocol, which allowed unauthorized transactions to be blocked and funds to be secured. “I saw the possibility of recovery shortly after the hack and SEAL connected me to the Mantle/mETH team, which made recovery possible,” declared.
Gupta further confirmed that the 15.000 cmETH was sent to a recovery address where it remains safe, dismissing some rumors that the funds had been burned.
On the other hand, Paolo Ardoino, CEO of Tether, reported that his company froze $181.000 in USDT linked to the Bybit hack. Although the amount is relatively small, Ardoino stressed the importance of these actions to limit financial losses and demonstrate collaboration between companies in the sector.
BUY BITCOINBybit's Rewards Program: A Call to Action
In order to speed up recovery processes, Bybit has launched a bounty program that offers up to 10% of recovered funds to security researchers and organizations that help track and rescue stolen assets. This program seeks to incentivize active community participation and reward cybersecurity experts and ethical hackers who collaborate.
Bybit CEO Ben Zhou explained that the initiative seeks to officially reward the community that has lent its experience, knowledge and support to resolve the situation. He even said that it is applicable to those who provide useful tips that allow funds to be traced.
The bounty program has received a lot of support since its announcement. Security experts and organizations around the world are collaborating to track down the stolen funds and prevent attackers from laundering them through cryptocurrency mixers, such as eXch, a decentralized platform that makes it difficult to track assets.
The challenges ahead for full recovery
Although more than $40 million has already been recovered, the path to full recovery of the stolen $1.400 billion is complex. The attackers have begun moving the stolen funds through decentralized platforms, making them difficult to trace.
According to the latest Reports, the eXch platform has experienced an abnormal increase in the volume of ETH processed per day, suggesting that Bybit hackers are using this platform to hide the origin of funds.
However, eXch developers have refused to collaborate with Bybit to freeze funds moving through its platform, citing previous disputes over its reputation and the potential loss of trust from its users.
Despite the denial of this DEX, the crypto community at large has demonstrated a unique ability to unite in the face of adversity. The recovery of over $40 million by mETH Protocol, as well as the participation of experts and organizations, reflects collective efforts to minimize losses.
BUY ETHEREUMThe bounty program launched by Bybit not only seeks to recover stolen funds, but also to send a clear message about collaboration and transparency as fundamental elements to combat threats in the digital world. Although the road to full recovery will be long, the first steps show a stronger and more united community than ever.
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