Key Takeaways
- Bybit has released a streamlined portal for reporting suspected stolen funds.
- The portal is open to VIP customers only, but the exchange might extend to retail users.
- The portal promises to initiate an investigation and subsequent action within 2-4 hours of reporting.
In light of growing crypto scams and hacks, Bybit, a global crypto exchange, has launched a VIP portal that promises swift action on suspected stolen funds.
The first few hours after a hack or theft of funds by nefarious actors are critical, as these funds are often moved via decentralized and centralized platforms to mixing services. If identified, these funds can be frozen and returned.
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Bybit’s VIP Stolen Funds Reporting Portal
Bybit has launched a new VIP-level reporting service for stolen funds to streamline filing suspected inflow reports.
This service, announced on Sept. 29, aims to provide a streamlined, secure channel for reporting suspected inflows of stolen cryptocurrency assets onto the Bybit platform. It is managed by Bybit’s Lazarus Security Lab, a specialized 24/7 team focused on rapid response.
The “Report Stolen Funds” portal is accessible via Bybit’s official website. It allows victims to submit cases of suspected stolen assets entering the platform and promises an expedited review within 2-4 hours.
David Zong, Head of Group Risk Control and Security at Bybit, said the exchange’s priority is ensuring that VIP clients have fast and direct access to trusted tools when they need them most.
“This service focuses on stolen fund inflows, allowing us to act quickly to secure evidence while clients prepare their law enforcement filings. It represents our responsibility to our clients and our duty to regulators and the wider ecosystem.”
The portal is currently only available to VIP clients, though there are plans to make it available to retail users eventually.
The portal is not intended for general theft reports or outflows, but for inflow cases when stolen funds are believed to have entered Bybit accounts.
How Does the New Illicit Fund Reporting Work?
The stolen report submission portal directly submits stolen fund inflow cases to Bybit’s security team. It allows for expedited internal review to preserve evidence and apply precautionary measures before victims involve law enforcement.
The Lazarus Security Lab reviews the submissions within 2-4 hours. After review, Bybit may impose temporary internal restrictions on suspicious accounts as a discretionary precaution to prevent further movement of funds.
These restrictions are not temporary legal freezing orders; they serve only to secure evidence and do not guarantee fund recovery. Once official processes are initiated, Bybit cooperates with law enforcement.
Victims must file reports with law enforcement and obtain official freezing orders for enforceable recovery actions. The portal does not handle recovery directly; it is a supportive tool for initial reporting and internal action.
Bybit was a hack victim of one of the largest exploits in crypto history, with the value of stolen funds exceeding $1 billion. The exchange has since made several initiatives to ensure user protection and the fund recovery process.
