Binance Placed $250,000 Bounty For Arresting Hackers

Binance Placed $250,000 Bounty For Arresting Hackers

In an announcement, published on March 11, 2018, The Binance cryptocurrency exchange offered a $250,000 bounty on the apprehension of the hackers who were involved in the March 7th incident.

The announcement indicates that the first person to provide information about the hackers, which will result in legal imprisonment, in any jurisdiction, will receive the premium in Binance Coin (BNB). If multiple references lead to final arrests, the bounty may be split between sources.

Binance emphasizes the importance of a united effort to address crime and immoral 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.”

Coupled with the current bounty, Binance has allocated $10 mln. in crypto capital for future bounty premiums against any hacking efforts on Binance. In their announcement, Binance has also urged other exchanges to follow. The company added that protecting their customer‘s funds is and has always been their topmost priority.

The users of Binance informed about the breach in security after noticing strange transaction behavior in their accounts. The precise approach the hackers employed remains shrouded, though some customers stated that a possible compromise of users‘ API keys could clarify how the hackers passed Binance‘s two-factor authentification system. On March 8, 2018, Binance proceeded with the trading activities.

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