Bybit has announced it is sponsoring the first-ever Ethereum Protocol “Attackathon,” organized by Immunefi in collaboration with the Ethereum Foundation.
The “Attackathon” aims to bolster the security of the Ethereum protocol while nurturing its Public Good initiatives.
Attackathon is expected to raise over $2 million for its reward pool
Bybit’s sponsorship of 75 ETH, the largest contribution to date, reinforces its commitment to the growth and security of the Web3 landscape.
The Ethereum Protocol Attackathon is a major event aimed at improving the security of the Ethereum protocol through a large-scale, crowdsourced audit. Organized by Immunefi, the eight-week event will bring together top experts from the Ethereum community to review the protocol’s code.
Bybit’s donation of 75 ETH to the reward pool highlights its support for the Ethereum ecosystem and its goal of promoting a secure, decentralized future. With contributions from industry leaders, including a $500,000 seed from the Ethereum Foundation, the Attackathon is expected to raise over $2 million for its reward pool.
“We’re investing in a safer and more resilient Ethereum network”
Ben Zhou, co-founder and CEO of Bybit, said: “At Bybit, we believe in the power of community and innovation to drive the future of blockchain technology. Our sponsorship of the Ethereum Attackathon aligns with our mission to support the security and sustainability of the ecosystems vital to the global crypto community. By contributing to this event, we’re investing in a safer and more resilient Ethereum network.”
This is not the first time Bybit has sponsored initiatives like this one. The crypto trading platform is a backer of the World Series of Trading (WSOT), which features an unprecedented $10,000,000 prize pool, as the event positions itself as the ultimate convergence of centralized and decentralized trading. Bybit’s contribution to the WSOT provides prize money and opens doors for builders and developers to receive ongoing support, mentorship, and resources from the crypto industry’s key players.
Additionally, Bybit launched a sponsorship of the Blockchain for Good Alliance (BGA) at Blockchain Life in April in Dubai, a non-profit organization that collaborates with a network of organizations, projects, and individuals dedicated to leveraging blockchain technology to address global social, environmental, and economic challenges.
In November, the Crypto Content Creator Campus for KOLs in the crypto industry will go live with the support of Bybit, which has initiated various industry projects in the region.
Bybit secured provisional VASP license from Dubai’s VARA
Bybit recently secured a provisional (non-operational) approval for a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The crypto exchange is now closer to being able to provide virtual asset exchange services for retail, qualified investors, and institutional users in Dubai, the location of the company’s global headquarters.
Bybit expects to be granted full Operational Approval in the jurisdiction soon, once the thorough licensing process is completed. The digital asset exchange has been engaged in a constructive dialogue with the regulator to meet the requirements for the Provisional Approval effectively.
Dubai has been Bybit’s international headquarters since 2022 as the jurisdiction increasingly becomes one of the top financial hubs in the world and established a clear regulatory framework for the emerging industry.
Bybit recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC) as the firm transitioned from a key ecosystem partner to an advisory role with DMCC Crypto Hub. From August 2024 to July 2025, Bybit will serve as a DMCC Ecosystem and Advisory Partner, offering strategic guidance to the DMCC Crypto Center and its members on essential initiatives.
To further enhance Dubai’s standing as a leading global crypto hub, Bybit and the DMCC Crypto Center will co-host two major industry events this year: a global hackathon and a flagship conference. The hackathon aims to foster innovation by supporting developers in creating Web3 projects, while the conference will position Dubai as a center for thought leadership by bringing together industry experts and key opinion leaders.
In its new advisory capacity, Bybit will leverage its extensive industry knowledge to influence the future of Dubai’s crypto and Web3 sectors. This collaboration highlights Bybit’s continued commitment to supporting Dubai’s vision of becoming a global leader in the crypto and Web3 space.
