A cryptocurrency the Exchange is offering a $250,000 bounty for information that leads to the arrest of individuals who committed a hacking attack against its users.
The first person to provide knowledge that leads to the arrest of those behind a recent security disturbance will receive the bounty, Binance announced in a statement on 11 March. It’s practicable that the cryptocurrency exchange could split up the bounty between multiple interests if the information leading to the attackers’ arrest comes from more than one individual.On 7 March, profuse Binance users reported problems involving their accounts’ surrogate coin amounts and the appearance of a suspicious trading API. The cryptocurrency exchange looked into the puzzle and determined that nefarious individuals had spent weeks phishing for alcohols’ credentials and biding their time. They then attempted to grade a mass sell-off of alt-coins for Bitcoins and transfer those funds into their accounts.Fortunately, the cryptocurrency altercation was able to freeze the coins deposited by the bad actors and to refund an equivalent amount in Bitcoins to assumed users’ accounts. It wasn’t able to reverse a smaller number of agreements involving the use of Bitcoin to purchase alternative coins, however.Binance is originating the bounty as part of a strategy to prevent similar security incidents from striking in the future:To ensure a safe crypto community, we can’t simply play defense. We want to actively prevent any instances of hacking before they occur, as properly as follow through after-the-fact. Even though the hacking attempt against Binance on Tread 7th was not successful, it was clear it was a large-scale, organized effort. This needs to be sermoned.Towards that end, Binance is offering an additional $10 million for future charity rewards that help prevent these types of attacks. It’s also beguiling other cryptocurrency exchanges to join its platform.Those with any data on the 7 March Binance security incident are asked to contact their regional law enforcement agencies and to email email@example.com.