Key Takeaways

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.

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.

Bybit may then impose temporary account restrictions as a precautionary measure to preserve evidence and prevent further fund movement.

However, these restrictions do not constitute a legal freeze. A Bybit spokesperson emphasized that victims remain responsible for filing official complaints:

“The affected party remain responsible for filing with law enforcement and obtaining official freezing orders to pursue enforceable recovery.”

This means the portal functions primarily as a fast-track evidence-preservation tool rather than a recovery mechanism in itself.

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.

When Bybit Might Decline Action

Asked by CCN whether reports from VIPs could be declined, a spokesperson clarified:

“We won’t [decline] as long as it provides essential required information for our further evaluation.”