KEY TAKEAWAYS
- Bybit launches a new API to update a blacklist of suspicious wallet addresses, enhancing security measures in the cryptocurrency industry.
- The initiative is part of Bybit’s Recovery Bounty Program, rewarding successful interceptions of fraudulent activities with a 10% bounty.
- An industry-wide alliance has formed, involving partners like Mandiant and Chainalysis, to improve crypto security and trace bad actors.
- Major exchanges such as Binance and Coinbase are collaborating to implement cross-chain security measures against hackers.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a new API designed to update a blacklist of suspicious wallet addresses. This initiative is part of Bybit’s Recovery Bounty Program, aimed at aiding ethical security experts in recovering compromised funds.
The API will provide verified partners with access to a list of malicious addresses identified by top white hats and investigators. This list was compiled within three days following a significant crypto heist, thanks to thousands of tips from industry colleagues. Bybit’s collaborative approach highlights the industry’s collective effort to enhance security and streamline responses to cyber threats.
Bybit plans to continually update the blacklist to assist cyber defenders and security partners in intercepting fraudulent activities. Successful interceptions will be rewarded with a 10% bounty, reinforcing Bybit’s commitment to securing the cryptocurrency industry. The exchange also plans to launch a HackBounty platform, which will empower the industry to track down hackers more effectively.
Ben Zhou, co-founder and CEO of Bybit, expressed optimism about the industry’s collaborative efforts, stating, “I am energized by the incredible camaraderie on-chain and in real life. This can be a transformative moment for our industry if we get it right.” The full announcement can be found here.
Crypto’s Defense Alliance
The initiative has led to the formation of an industry-wide alliance, marking a defining moment for cryptocurrency security. Bybit has acknowledged the contributions of various partners and peers, including Mandiant, Verichain, and Sygnia.co, who have provided crucial forensic analysis.
ZeroShadow has activated its Global Response team to assist with tracing and identifying bad actors, while Chainalysis, Elliptic, and others have tagged exploit-related addresses to restrict the laundering of stolen assets. Additionally, SlowMist, BlockSec, and BEOSIN have offered expert security advisory services.
Compliance and risk assessment solutions have been enhanced by VerifyVASP, AML Bot, and CryptoForensic. Meanwhile, major exchanges and platforms like Binance, Coinbase, and Polygon have facilitated cross-chain security measures to thwart the hacker’s efforts.
Why This Matters: Impact, Industry Trends & Expert Insights
Bybit has launched a new API to update a blacklist of suspicious wallet addresses as part of its Recovery Bounty Program, aiming to enhance security and recover compromised funds.
Recent industry reports indicate that cryptocurrency security trends are facing significant challenges, including major breaches and increased cyber threats. This aligns with Bybit’s initiative to tackle security concerns through collaborative efforts and technological advancements.
A BlockchainReporter report highlights that Bybit’s Recovery Bounty Program, offering rewards for fund recovery, has received mixed reactions due to the complexities involved. This supports the significance of Bybit’s comprehensive approach to enhancing security and incentivizing community participation in cybersecurity efforts.
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