Sci-tech

Crypto-Exchange Offers $250K Reward for Info on Attackers

Crypto-Exchange Offers $250K Reward for Info on Attackers

Binance said that even though the attack was ultimately unsuccessful, "it was clear it was a large-scale, organised effort".

Binance, the popular Chinese cryptocurrency exchange with a focus on crypto-to-crypto trading, has put a $250,000 bounty on the heads of the hackers who tried to pull off a heist earlier this month by compromising user accounts. The exchange rate will be determined at the time of transfer. "We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact", it said in a post on its website. For that hack attempt alone, Binance is offering a $250,000 equivalent bounty to the first person to supply any information leading to the legal arrest of the individuals involved.

The $250,000 bounty will be paid in the dollar equivalent of Binance Coin (BNB), which is now worth more than $8, according to Coincodex.

They ask for the information to be sent to bounty@binance.com and local law enforcement agencies, and say that the bounty may be split between sources if multiple sources offer helpful information.

Binance explains, "Furthermore, Binance has now allocated the equivalent of $10,000,000 United States dollars in crypto reserves for future bounty awards against any illegal hacking attempts on Binance".

There have already been several crypto hacks, some of which have been successful.

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Construction for the train began in Fresno in 2015, but that first segment through the Central Valley is not yet fully funded.

The sophisticated ploy was uncovered by their "automatic risk management system" before any theft of funds took place.

In addition to that, Binance, which supported the recent ONT airdrop for NEO holders, has now listed ONT/BNB, ONT/BTC and ONT/ETH pairs, enabling users to deposit their ONT and start trading. The hackers were well organized.

The hackers were patient enough to sit on these details, waiting for the right time to launch a coordinated attack, which they did just recently. VIA coins were used due to lower liquidity which in turn would help to get greater gains.

What is a certainty is that this will not be the last attempt to hack an exchange or deceive its customers.

Binance will be offering a hacker bounty incentive, after last week's market manipulation event that caused all kinds of problems. Add your thoughts below.


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