After the incident of Binance hack, which took place on 7th March, $250,000 are now being offered by the cryptocurrency exchange, “Binance” for arresting the hackers who were involved in the incident. This was announced by Binance on 11th March 2018.
The first person who would give any information about the incident, that’d result in a legal arrest of the hacker will be given the bounty in Binance Coin (BNB), which could be used on the Binance exchange and could be traded as well. According to the announcement, if they find various sources of information related to the Binance hack, that could lead them to the final arrests, then they’d probably divide the bounty between sources.
Binance highlights the importance of an intensive effort to deal with the crime and immoral behaviour in the crypto-community by stating;
“To ensure a safe crypto community, we can’t simply play defense. 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. This needs to be addressed.”
$10 million has been allotted by Binance in cryptocurrency funds for the upcoming bounty rewards against any kind of hacking on the Binance exchange. In addition to that, other exchanges from all around the world have been also invited by Binance exchange, according to every Binance statement to follow suit, as they added;
“Protecting your funds is and has always been our highest priority!”
After perceiving unauthorized and irregular transaction activities in the accounts, users notified Binance that their security is being violated. The meticulous way how the hackers used the site still remains unclear, even though on 8th March, trading activities of Binance were resumed. Many users have speculated that compromised API keys is the only reason that could explain how the hackers evaded Binance’s two-factor verification system.