Binance announces $250000 reward for the arrest of hackers
Binance announces $250000 reward for the arrest of hackers
Crypto Bounty Hunter: Binance Offers $250000 Hacker Bounty for Info that Leads to Arrest of Crooks that Attempted to
14 March, 2018, 13:26
However, the CEO, Changpeng Zhao is in no mood play defensive and let go the hackers roam freely.
While exchanges in need measure against future attacks as an investor it's important you take control of your fate rather than bank on exchanges but how do you do that? Hackers have in a huge way targeted the cryptocurrency market. They have also invited other exchanges and crypto businesses to join their initiative.
"Binance has now allocated the equivalent of $10,000,000 United States dollars in crypto reserves for future bounty awards against any illegal hacking attempts on Binance", noted the same announcement.
The Japan-based exchange, which has $1.77 billion worth of virtual currencies on its platform, is one of the top three cryptocurrency exchanges in the world by trading volume. It is known for its fastest transaction processing time and low trading fees (0.1%).
During the attempted scheme, the Viacoin (VIA) to Bitcoin (BTC) market experienced "abnormal trading activity".
On March 7, Binance was hit by a coordinated phishing attack that was also thwarted by the company's automatic risk management system. Hackers had planned the scam patiently.
The bounty has a $250,000 reward that will be given to whoever can provide credible information that results in the arrest of the hackers. Unfortunately for them, their 2FA codes were valid for 30 seconds or so, meaning that once the code had been given to the phishing site the attackers could generate an API key and use it to access the real site. There are still some users whose accounts whwere phished by these phishers and their BTC were used to buy VIA or other coins.
"Even though the hacking attempt against Binance on March 7th was not successful, it was clear it was a large-scale, organized effort", the company says. The entire fund is safe with the exchange.
As Binance describes, "not only did the phishers fail to steal any coins, their own coins have also been withheld".
To that end Binance is offering a $250,000 equivalent bounty "to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident on Binance on March 7th, 2018".
Binance claimed in a post on Sunday that it could split the massive reward, to be paid in Binance Coin (BNB), if more than one individual comes forward with info which leads to the arrests.
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