Bybit co-founder and CEO Ben Zhou has introduced the launch of Lazarus Bounty, an initiative aimed toward monitoring and freezing funds linked to the North Korean hacker group Lazarus after its $1.5B assault on the trade firm.
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, contributors obtain an instantaneous reward.
In the meantime, exchanges, mixers, and different entities concerned in freezing these belongings will obtain 5% of the recovered funds.
A Clear Strategy to Crypto Safety
Lazarus Bounty supplies a dwell rating system categorizing business contributors primarily based on their responsiveness to sanctioned transactions. Entities that fail to behave towards illicit actions danger being flagged as facilitators of cash laundering.
Moreover, a dwell API pockets deal with replace characteristic integrates with blockchain analytics companies equivalent to Chainalysis, Arkham, Elliptic, and TRM Labs, guaranteeing real-time monitoring and monitoring of illicit transactions, in keeping with Zhou.
Future Developments and Enlargement
Bybit has dedicated devoted assets to sustaining and updating the platform. Future updates will embody:
Stay monitoring of sanctioned wallets, permitting bounty hunters to watch and declare rewards for tracing illicit fund actions.Regulatory instruments to help 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 unhealthy actors within the business are eradicated,” Zhou acknowledged.
Trade Collaboration and Implications
The initiative underscores rising business efforts to fight illicit finance in cryptocurrency. Bybit’s transfer aligns with rising regulatory scrutiny and business requires better transparency in digital asset transactions.
The launch of Lazarus Bounty marks a shift towards proactive safety measures, empowering each the crypto neighborhood and regulatory our bodies in stopping monetary crime.
