Binance to offer $10 million bounty for information leading to Hacker Arrests
Binance gets tough with Hackers.
After being the subject of much ridicule and jest this past week for being hacked, Binance decides to fight back.
Binance CEO Changpeng Zhao mentioned this on twitter the other day:
“We have another move to fight back against (attempted) thieves, soon.”
(Source: https://twitter.com/cz_binance/status/972130214171107329)
It turns out he wasn't messing around!
In news out this morning, Binance has announced that they will be creating a $10 million fund, set up solely to be paid out to individuals that provide information that helps lead to the arrests of hackers.
This was a quote from the Binance CEO Changpeng Zhao outlining his plans:
“Binance has currently allocated the equivalent of $10,000,000 USD in crypto reserves for future bounty awards against any illegal hacking attempts on Binance. We have also invited other exchanges and crypto businesses to join our initiative. We welcome their participation at any time.”
(Source: https://www.bitsonline.com/binance-hacker-bounty/)
Awesome!
Nice to see the good guys fighting back!
However, it doesn't just stop there...
Binance also announced a bounty for the hacking that took place a few days ago.
The specifics can be seen below:
(Source: https://www.bitsonline.com/binance-hacker-bounty/)
If you have information leading to the arrests of the hackers from last week you could find yourself $250,000 USD richer!
I thought this quote from Changpeng Zhao summed up Binance's thoughts on this perfectly:
“As in a football match, you can’t just play defense.”
(Source: https://www.bitsonline.com/binance-hacker-bounty/)
A little offense is needed indeed.
Stay informed my friends.
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Sounds like a great response. Hope all other exchanges get on the bandwagon 🚓 👮♀️ 🚓
This is definitely one way to tackle the scourge of exchange hackers, but I'm afraid anyone clever enough to engineer these complex attack is also clever enough to cover their tracks.
Obscuring the trail of money with monero and decentralized exchanges is trivial at this point!
Secondly, I think it's within the realm of possibility that many of the biggest bitcoin exchange heists are state-sponsored, so these bounties won't do much in those cases.
$250,000 Paid in BNB to the persons that catch the crooks.
Wait a second, that brings a great idea! A coin in which the Proof-of-Work based on how many crypto crooks brought to justice! What? I blew my own mind!
Haha yes, that would be something.
BNB is an iffy token whose price is probably maintained by low suppy due to Binance's hold of a substantial chunk of the tokens.
Binance paying bounties with BNB is a way for them to cash in on their BNB holdings without directly increasing the supply of the token in the market.
Whoever receives the $250k worth of BNB might end up with less than $250k when they try selling all at once.
Very good point. Perhaps Binance will buy their own coin instead of increasing the supply. Binance buying power is downright retarded.
That sounds like a great potential solution to help keep the hackers more at bay. It will be interesting to see if anything comes of it. Thanks for the post!
Yes it will be interesting to see how well it works, but hey at least it is something :)
For sure! I wish I had the knowhow to find the hackers...
What? Yeh, id be reporting. 10M fuk ill sell my friend .. lol..
*sell out
Snitch!;)
Hacking attempts are not good but I think this way of dealing with that will help a lot. It seems like the google's bounty program for hackers if you find any loophole in there system and report to them. That has helped a lot so let's hope for the best for Binance.
Yeah i agree!
Sounds like a good effort to combat the criminals.
Sounds like a good start however it’s unlikely that the hackers are accessible to be arrested.
Hacking is the one scary thing about crypto then probably the govt
Frightening as a security measure? LOL that ain't gonna work.
Might as well leave all your systems with default passwords and threaten anyone who access them.
The way binance handled the hole situation really amazed me, they really showed how prepared and serious they are!