Table of Contents
In a significant move to bolster security in the cryptocurrency industry, Bybit, one of the leading cryptocurrency exchanges, unveiled an innovative API on February 23,
2025.
This new Application Programming Interface (API) is designed to effectively update a blacklist of suspicious wallet addresses that have been implicated in crypto theft.
Bybit’s initiative is part of a broader Recovery Bounty Program, aimed at empowering ethical security professionals to assist in the recovery of compromised funds and to combat fraudulent activities within the crypto space.
Following a notable hacking incident, Bybit collaborated with various industry experts and organizations to rapidly compile this essential blacklist, ensuring that it remains current and actionable.
In this article, we will explore the details of Bybit's new API and Recovery Bounty Program, the collaborative efforts driving this initiative, and its potential impact on enhancing security across the cryptocurrency landscape.
Crypto News, Articles and Reports
Key Takeaways
- Bybit has launched an innovative API to update a blacklist of wallets involved in crypto theft.
- The Recovery Bounty Program incentivizes ethical security professionals to tackle fraud with a 10% bounty on successful interceptions.
- Collaboration with industry partners is crucial for strengthening defenses against cyber threats in the cryptocurrency space.
Overview of Bybit's New API and Recovery Bounty Program
In an ambitious move to bolster security within the cryptocurrency landscape, Bybit unveiled its new API and the Recovery Bounty Program on February 23,
2025.
This new API is a game-changer, as it facilitates rapid updates to a blacklist of dubious wallet addresses implicated in crypto theft, effectively enabling quicker responses to criminal activities.
The impetus for this initiative stems from a recent significant hacking incident that highlighted the urgent need for enhanced security protocols.
Bybit has taken an proactive stance by collaborating with industry experts and organizations to compile this blacklist, ensuring its robustness and reliability.
To further incentivize ethical security professionals, Bybit's Recovery Bounty Program offers a 10% bounty for successful interceptions of funds linked to these blacklisted addresses.
This not only rewards security teams for their vigilance but also enlists their help in safeguarding the broader cryptocurrency community.
Partner organizations like Mandiant, Verichain, and Chainalysis played crucial roles in providing forensic analysis and compliance support during the incident's aftermath.
Bybit's CEO, Ben Zhou, expressed his enthusiasm for these partnerships, underscoring the necessity for a united front against cyber threats.
As the crypto landscape continues to evolve, Bybit is also developing a HackBounty platform to empower more industry leaders in the fight against hackers, emphasizing that collective cooperation is vital for overcoming security challenges in this space.
Collaborative Efforts with Industry Partners to Enhance Security
Bybit's proactive measures reflect a growing recognition of the necessity for industry-wide collaboration to combat rising security threats in the cryptocurrency sphere.
The establishment of the Recovery Bounty Program, in association with the new API for promptly reporting suspicious wallet addresses, demonstrates how combined efforts can lead to rapid response capabilities.
By partnering with renowned forensic firms like Mandiant, Verichain, and Chainalysis, Bybit is enhancing its investigative prowess and compliance measures, ultimately fostering a safer trading environment for its users.
Notably, this initiative exemplifies the vital role that ethical hackers play in the ecosystem; by involving them through enticing incentives such as the 10% bounty, the exchange is integrating a broader network of security professionals committed to protecting digital assets.
As cyber threats continue to evolve, Bybit's collaboration strategy aims to create a resilient defense framework capable of adapting to the changing landscape, ensuring that both users and partners can benefit from shared insights and resources in securing their investments.
By Wolfy Wealth - Empowering crypto investors since 2016
📊 Expert Market Analysis
📈 Exclusive Trade Signals
🕵️♂️ Early Access to Research
Instagram Youtube TwitterX
Disclosure: Authors may be crypto investors mentioned in this newsletter. Wolfy Wealth Crypto newsletter, does not represent an offer to trade securities or other financial instruments. Our analyses, information and investment strategies are for informational purposes only, in order to spread knowledge about the crypto market. Any investments in variable income may cause partial or total loss of the capital used. Therefore, the recipient of this newsletter should always develop their own analyses and investment strategies. In addition, any investment decisions should be based on the investor's risk profile.
