Binance Offers $250,000 Bounty To Tipsters On Hacking Incident

Mar 12, 2018 at 11:21

Hong Kong-based crypto exchange Binance is offering a $250,000 bounty to anyone supplying information on the hackers behind the attack last week.

Binance said the hacking attempt on its platform on March 7—while unsuccessful—was clearly a “large-scale, organized” effort and needs to be addressed.

“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,” it said.

Last week, Binance said a large scale phishing and stealing attempt through VIA coins triggered its automatic risk management system during the two-minute period and all withdrawals were halted immediately.

For its bounty initiative, the crypto exchange said the reward will be given to the “first person to supply substantial information and evidence that leads to the legal arrest of the hackers, in any jurisdiction.”

It further said that “the bounty may be split between sources. Binance reserves all rights to split the bounty amount, solely at our discretion.”

Apart from the monetary bounty, the company has also set aside $10 million worth of crypto reserves for future bounty awards against illegal hacking attempts on its platform.

Binance has also called on other crypto exchanges to implement measures against hacking.

“We have also invited other exchanges and crypto businesses to join our initiative. We welcome their participation at any time,” it said.