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After hack Binance offers Bounty of $250,000 for the arrest of Hackers

Mar 13, 2018 Posted /  2661 Views

After hack Binance offers Bounty of $250,000 for the arrest of Hackers

While there were speculations in the market that Binance exchange has been compromised, no official declarations were coming up. But after the sources revealed about the same, the company reported precisely what happened on March 7, and now it has announced that one of the largest exchange is offering an equivalent of $250,000 bounty to give information about the hackers that were involved in the incident and help in their arrest.

The statement said that the first person who will provide the information that will lead to the lawful arrest of the hackers in any jurisdiction would receive the bounty in Binance Coin (BNB). The BNB coin is traded and utilized on the Binance exchange. The company further went on to say about the prize that if there are multiple sources that supply information which leads to the final arrest of the perpetrators, they will split the bounty amongst different sources.

In the statement, Binance emphasizes the significance of a collective struggle to inscribe crime and dishonest behavior in the crypto community:

“To ensure a safe crypto community, we can’t simply play defense. We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact. Even though the hacking attempt against Binance on March 7th was not successful, it was clear it was a large-scale, organized effort. This needs to be addressed.”

Additionally, Binance has allocated some $10 mln in crypto resources as prospective bounty awards against future hacking attempts on the exchange. According to the Binance’s statement, the exchange has also summoned other exchanges worldwide to follow the same mechanism. “Protecting your funds is and has always been our highest priority!” they continued.

When Users understood that there was erratic and proscribed transaction behavior in their accounts they notified Binance that there seems to be a breach in the security. There is still no information regarding the precise mechanism employed by the hackers, however, some users have postulated that there might be a possible compromise of users’ API keys. Nonetheless, Binance commenced its trading activities the subsequent day.

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