Binance announces $250,000 reward for the arrest of hackers

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March 12, 2018
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Though the websites of crypto exchanges are designed on a very secure server, however, a single bug can let hackers in and make transactions of millions like we witnessed in the case of Coincheck. As of now, another big cryptocurrency exchange, Binance with a market cap of over $8 billion has suspected a possible hack on its website, after some users reported about an ongoing suspicious activity from third-party tools, last week.

In order to tackle any incidents of hacking before the occurrence, Binance is offering the equivalent of $250,000 (paid in cryptocurrency — Binance Coin) for information that leads to the arrest of hackers who targeted some users last week. On March 7, the exchange faced a minor security breach involving registered API keys led to irregular trading activity with a few users seeing unauthorized trades. Binance is looking to retaliate against the hackers, as it said in a statement,

“The first person to supply substantial information and evidence that leads to the legal arrest of the hackers, in any jurisdiction, will receive the equivalent of $250,000 USD in BNB. The exchange rate will be determined at the time of transfer.

The move comes as the crypto-industry is facing serious hacking threats over the past few months. Where Binance has already hopped in for precautionary measures as it stated, “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.” It has also invited other exchanges to mutually collaborate to resolve this issue, as it says,

“We have also invited other exchanges and crypto businesses to join our initiative.”

Furthermore, Binance has also reserved the equivalent of $10 million in Binance Coin or BNB for future bounty rewards against malicious hacking activity targeting the exchange.

These days hacking attempts have become an industry-wide problem in the crypto world, the world which is already blamed for adopting un-ethical means for mining cryptocurrency.

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