Published: Wed, March 14, 2018
IT&Software | By Alfonso Woods

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

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

Binance recently revealed a foiled attempt to hack their cryptocurrency exchange.

Binance users were engulfed in chaos as funds from their cryptocurrency wallets vanished, coins were being purchased without authorization, and the panic forced Binance to temporarily halt trading. The exchange rate will be determined at time of transfer.

The company has realized that, even though the attempted hack was thwarted, it needs to be a little more pro-active against organized threats. "We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact", said Binance in a blog post yesterday.

A crypto-currency exchange has offered $250,000 to anyone providing information which leads to the arrest of cyber-criminals who tried unsuccessfully to attack the company last week.

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 United States dollars in BNB. The platform called for anyone who has fresh insights about the attempted hack to contact local law enforcement and supply detailed information to the email address bounty@binance [dot] com.

CZ Verified account        @cz_binance
CZ Verified account @cz_binance

"Binance has now allocated the equivalent of $10,000,000 in crypto reserves for future bounty awards against any illegal hacking attempts on Binance", the firm added. The company also encouraged other exchanges and crypto-businesses to join the initiative and do the same.

Hacking remains a huge concern in the wake of several high-profile crypto hacks over the years.

Due to strong risk management system, all withdraws were successfully disabled. "Not only did the hacker not steal any coins out, their own coins have also been withheld". They were patient enough to not take any immediate action, and waited for the most opportune moment to act. They gathered their information throughout a couple months' time, then chose a coin with a smaller market cap to help "maximize their own gains".

Hack attempts on exchanges aren't exactly new.

At the heart of the matter was a large-scale phishing attack which was made possible through the use of a fraudulent web domain which looked strikingly similar to the legitimate Binance website.

Like this: