Last Updated : Mar 13, 2018 04:59 PM IST | Source:

Cryptocurrency exchange Binance offers $250K bounty for a tip off about hackers

The company had reported a hacking attempt, though it said that all funds were safe and no funds had been stolen

Moneycontrol News @moneycontrolcom

After a series of hacks and attempts to steal assets from cryptocurrency companies, one of the largest crypto-exchange in the world, Binance has decided to go on the offensive to deter the attempts.

Hong Kong-based Binance has announced USD 250,000 bounty to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident on Binance on March 7th, 2018.

The company had reported a hacking attempt, though it said that all funds were safe and no funds had been stolen.

“To ensure a safe crypto community, we can’t simply play defence. 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,” the company said.

The reward will be paid in BNB coins after arrests of the perpetrator at a determined exchange rate.

Additionally, Binance has also reserved USD 10,000,000 for future bounties against any illegal hacking attempts on the exchange. The company also encouraged other exchanges and crypto-businesses to join the initiative and do the same.

In January, Coincheck cryptocurrency exchange was attacked by hackers and they stole over USD 500 million worth of the crypto-assets. This was the biggest such attack in the crypto-world ever.

The heist surpassed the attack on MtGox exchange in 2014 when hackers vanished with digital currency worth USD 480 million.

Following that, the regulator in Japan, South Korea, and Hong Kong asked the exchanges functioning in their respective jurisdictions to employ the best security measures. Japan's financial regulator had also inspected all cryptocurrency exchanges present in the country.
First Published on Mar 13, 2018 04:59 pm
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