Binance sets Hacker Bounty at $250,000 USD

On 7 March 2018, users on the Binance cryptocurrency exchange noticed irregular behaviour.

Binance was alerted and managed to reverse the transactions, however, it is vital they understand just how hackers could have sidestepped their security and also, the Binance Two-Factor authentication system. 

 See more Reddit comments here.

In response to the hack, Binace issued the following statement” “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.Binance is offering a $250,000 USD equivalent bounty to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident on Binance on March 7th, 2018.

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 USD in BNB. The exchange rate will be determined at time of transfer.

Please supply detailed information to bounty@binance.com as well as to your local law enforcement agencies.If your local laws allow, you may remain anonymous.If multiple sources/segments of data are used to lead to the final legal arrests, the bounty may be split between sources. Binance reserves all rights to split the bounty amount, solely at our discretion.

Furthermore, 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.Protecting your funds is and has always been our highest priority!

Thanks for your support!

Binance Team”

In February 2018, CoinCheck suffered a massive hack and theft of cryptocurrency.  

Read more – Click Here 

Hacking and cybercrime is becoming a regular occurrence and we all need to have the tools to protect ourselves. One of the first rules to observe is to use Exchanges for what they are intended for, buying and selling cryptocurrency.  It is vital to only hold minimal currency in an exchanges hot wallet.

 Learn more about storing cryptocurrency – Click Here