On March 7, hackers made an unsuccessful attempt to benefit from the unauthorized access to trading accounts of Binance’ clients. The news led to a sharp fall in the cryptocurrency market. To avoid such attacks in the future, Binance has announced that it would offer up to $250,000 for providing detailed information, leading to the arrest of the hackers. Additionally, the cryptocurrency exchange has also earmarked $10 million as financial rewards to those who aid in the arrest of hackers and unscrupulous attackers in the future.
Last week, using the login information collected through phishing sites using Unicode omain addresses, hackers tried to pump and dump illiquid coins (mostly Via coin) using the hacked accounts. Binance suspended trading after identifying suspicious activity. Binance also blocked withdrawals from those accounts and refunded the hacked accounts of users. The hackers not only failed but also lost money in their hacking attempt.
To avoid a repeat of the incident and signal a firm warning to hackers, 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.
Binance will use the following guidelines for determining the winner of the reward:
1. 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.
2. Details should be provided to bounty@binance.com as well as to domestic local law enforcement agencies.
3. If domestic local laws allow, the information provider may remain anonymous.
4. 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.
The reward would be paid in Binance coin (BNB). Furthermore, Binance has currently allocated the equivalent of $10 million USD in crypto reserves for future bounty awards against any illegal hacking attempts on Binance. The cryptocurrency exchange has also invited other exchanges and crypto businesses to join the initiative.
