Monday, 24 September, 2018


Binance announces $250000 reward for the arrest of hackers

Binance hacking bounty Binance announces $250000 reward for the arrest of hackers
Melba Vasquez | 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.

Recommended

loading...
...

Novak Djokovic loses on his comeback at Indian Wells Novak Djokovic loses on his comeback at Indian Wells Following his exit in Melbourne, it was the 12-time Grand Slam winner's first appearance at the 2018 BNP Paribas Open . Federer cruised to a 3-0 lead in the second and closed out the win in 58 minutes.

Bihar bypolls: NDA leading in all 3 seats Bihar bypolls: NDA leading in all 3 seats PM; According to latest updates , BJP is leading in the Araria Lok Sabha constituency by 1749 votes after 10 rounds of counting. Counting of votes for Araria Lok Sabha seat along with Bhabua and Jehanabad Assembly constituencies will be held on Wednesday.

Merkel voted into 4th term as German chancellor Merkel voted into 4th term as German chancellor She said that "we need Europe - a Europe that shares the same values and acts together, particularly toward the outside world, and we. will make our contribution".

In Challenge To Amazon, Walmart Will Deliver Groceries In Over 100 Cities In Challenge To Amazon, Walmart Will Deliver Groceries In Over 100 Cities Amazon also has spent over a decade trying to build up its AmazonFresh grocery delivery service, but so far seen limited success. Walmart's online business had been a bright spot for the chain, but it stumbled during the holiday season.

Splinter Cell 2018 Spotted on Amazon Canada - Potential E3 2018 Reveal? Splinter Cell 2018 Spotted on Amazon Canada - Potential E3 2018 Reveal? Splinter Cell has taken a long hiatus since its last game, Splinter Cell: Blacklist that was launched way back in 2013. However, the name of the game is going to different from Tom Clancy's Splinter Cell 2018 in all possibility .

Three Men Charged With Minnesota Mosque Bombing Three Men Charged With Minnesota Mosque Bombing According to the court affidavit, Hari often stays at his parents' home because his home has no running water or electricity. The Islamic Center primarily serves Somalis in the Minneapolis area and houses a mosque and religious school for children.

Apple Buys The 'Netflix For Magazines' Apple Buys The 'Netflix For Magazines' The deal may help Apple boost relations with news outlets that have become wary of Facebook and Google. Texture now offers access to over 200 magazine titles for a flat monthly subscription price of $9.99.

India seeks to promote solar energy throughout the world India seeks to promote solar energy throughout the world Prime Minister Narendra Modi President Macron will jointly inaugurate a solar plant in Mirzapur district of Uttar Pradesh today. There are financial hurdles, regulations, capacity hurdles as well.

Trump Fires Tillerson, Picks CIA Chief Pompeo to Succeed Him Trump Fires Tillerson, Picks CIA Chief Pompeo to Succeed Him Lawmakers from both major parties have criticized those cuts and the administration's failure to fill dozens of open jobs there. He appeared to be caught by surprise last week when Trump announced he had accepted Kim's invitation to meet.

Florida Will Seek Execution of Nikolas Cruz in Parkland Shooting Trial Florida Will Seek Execution of Nikolas Cruz in Parkland Shooting Trial Cruz is scheduled for formal arraignment Wednesday on a 34-count indictment, including 17 first-degree murder charges . After surgeries, his condition was upgraded to fair, his attorney and the hospital said .

Bollywood's 'Mr. Perfectionist' Aamir Khan turns 53 Bollywood's 'Mr. Perfectionist' Aamir Khan turns 53 According to a report in a leading portal, a source also confirmed that what will be the very first post of Aamir Khan as well. The movie also stars Katrina Kaif, Amitabh Bacchchan and Fatima Sanah Sheikh in leading roles.

Earth's Geomagnetic activity to dazzle up Canada's night sky tomorrow Earth's Geomagnetic activity to dazzle up Canada's night sky tomorrow This basically means there could be some slight glitches to satellite communications and power grid controllers. These are the moments when the the Earth and Sun line up so that day and night are of roughly equal duration.

Physics Pioneer Stephen Hawking Is No More, Dies Peacefully At 76 Physics Pioneer Stephen Hawking Is No More, Dies Peacefully At 76 In 1974, Hawking proposed what is known as his most significant theory that black holes can emit sub-atomic particles. Over the years, Hawking became one of the most recognized names in contemporary science.

Twitch gives subscribers free games every month Twitch gives subscribers free games every month There will be five games given away this month which includes Superhot, Shadow Tactics, Tales from Candlekeep, Oxenfree , and Mr. Ever since it arrived it launched in 2016, subscribers were privy to free games every so often.

North American stock markets up as Trump exempts Canada from tariffs North American stock markets up as Trump exempts Canada from tariffs The McMinnville plant laid off 84 members a year ago because of steel getting dumped into California, according to Davis. Trade Representative Robert Lighthizer, but the president will make the ultimate decision, officials said.