Binance, it seems, had enough with the hacking of its cryptocurrency exchange, one of the biggest in the world. The founder of Binance, Zhao Changpeng, has announced to pay $250,000 bounty for hackers who were behind one of the most damaging attacks recently. So, if you have any lead or information on who hacked Binance, you could potentially win the $250,000 bounty for hackers.
However, this is not all, as the Binance management knows about the future challenges it would have to tackle. Therefore, it has set aside a massive $10 million for future bounties. The company also wants other cryptocurrencies to follow in its footsteps when it comes to giving a bounty for hackers.
Large-Scale Phishing and Stealing Attempt
The cryptocurrency exchange unveiled that it was subject to a large-scale phishing & stealing attempt. Furthermore, the statement added that all its funds remained safe. Yet, it was not able to reverse some of the trades. The soaring cryptocurrency prices during the last two months of the previous year led to making the hacks a lot more lucrative.
Hackers got their hands on a staggering $700 million by stealing tokens in Japan and Italy. These hacks and such other robberies have put extra pressure on the cryptocurrency exchanges to place robust security measures. Similarly, the industry, and government bodies are considering stricter cryptocurrency regulations.
Bounty for Hackers – Switching to the Offensive
In the past, the cryptocurrency exchanges would put in place measures and defend against potential hacking attempts. However, they are now playing the offense to try and stop hackers from stealing money from the cryptocurrency exchanges. The company maintains that the hackers were not successful in their Binance hacking attempt.
Here is the announcement about the bounty for hackers.
“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. If your local laws allow, you may remain anonymous.”
This bounty will surely attract a lot of inside sources to try and find out who was responsible for the Binance hack. Furthermore, the company also clarified that it would divide the amount among individuals if more than one person gave the information. Anyone who wants to inform Binance about the person (s) behind the hacking attempt of their cryptocurrency exchange must send an email to bounty [at] Binance [dot] com.
A Bit about the Binance Attack
The hackers attempted to steal the money on 7th March 2018 when the customers of Binance started buying Viacoin. This sudden purchase led to a sharp increase in price of Viacoin. However, thanks to the automatic block mechanism, the attack was prevented. The said accounts hacked were reportedly compromised back in January this year. The hackers had quietly gathered info and waited for the right moment to strike.
Thus, many experts overseeing cryptocurrency exchange hacks suggest a coordinated professional effort behind it. This hack changes everything for cryptocurrency exchanges globally. Moreover, Binance alone, is responsible for handling daily trading volume of over 1 billion USD. Notably, this attack on Binance raises serious concerns among Binance users of this exchange’s security mechanisms and seriously dents investors’ confidence.