Binance offers $10 million in cryptocurrency to nab hackers

Binance offers $10 million in cryptocurrency to nab hackers

So Zhao is offering the equivalent of $250,000 (paid of course in crypto-currency) for information that will lead to the arrest of the Binance hackers and has set aside another $10 million for future rewards.

"Even though the hacking attempt against Binance on March 7 was not successful, it was clear it was a large-scale, organized effort". As of now, another big cryptocurrency exchange, Binance with a market cap of over $8 billion has suspected a possible hack on its website, after some users reported about an ongoing suspicious activity from third-party tools, last week. The cryptocurrency exchange looked into the matter and determined that nefarious individuals had spent weeks phishing for users' credentials and biding their time.

Adding to the positive sentiment around the cryptocurrency exchange, Binance released a statement via Medium announcing a massive campaign offering substantial bounties for information leading to arrests related to any attacks, hacks, or intrusions against Binance. 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.

"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".

However, as withdrawals were already automatically disabled by Binance's risk management system, none of the withdrawals successfully went out.

The security incident saw hackers create API keys for phished users, so they could then pump Viacoin with the victims' funds and sell the little-known cryptocurrency at a premium in the VIA/BTC trading pair. "Not only did the hacker not steal any coins out, their own coins have also been withheld". "We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact." . They were patient enough to not take any immediate action, and waited for the most opportune moment to act. VIA coins were used due to lower liquidity which in turn would help to get greater gains.

But unlike in case of Coincheck, Binance was quick to react and thus was able to thwart the attack but apart from improving and their security and preventing the attacks right from the outset, Binance has also taken up measures for arrests of the culprits.

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