Binance Offers $250K Bounty for Hack Information


Following the recent Binance hack, now the cryptocurrency exchange Binance offers $250K bounty for hack information. The official announcement from Binance outlines that the first person to provide the information that leads to the legal arrest will receive the bounty.

12 March, AtoZForex The Binance cryptocurrency exchange has offered a $250,000 bounty on the arrest of hackers that have carried out the early March attack. The official announcement from Binance outlines that the first person to provide the information that leads to the legal arrest will receive the bounty. The conditions are equal in all the jurisdictions.

Binance Offers $250K Bounty for Hack Information

Moreover, the Binance stated it will provide bounty in Binance Coin (BNB). BNB is traded and used on the exchange. In case there are multiple sources of information that will result in arrest, the bounty will be split between these sources.

In its statement, Binance highlights the significance of the effort to address the crime. The exchange points out the unethical behavior in the crypto community, which needs to be addressed. The statement reads:

 “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 Hack Attack: How it unfolded?

Additionally, Binance has stated that there is $10 million in crypto reserves that serve as future bounty awards against potential hack attempts on Binance.

Earlier this March, Binance users have been complaining about the fact that their altcoins have been converted into Bitcoin without their consent. Besides, many of them did not even log in to their accounts and still experienced the same issue.

As per some of the posts on Reddit, users’ Bitcoins were used to purchase VIA coins. Once attackers received Bitcoins, they managed to withdraw them in small amounts. Binance’s administration has frozen withdrawals in about an hour after getting the first complaints.

Later on, Binance has posted a Tweet stating that all the irregular trades have been reversed. Moreover, all the deposits, trading and withdrawals are now back in full function. According to the CEO of Binance, Changpeng Zhao, attackers used a phishing website to obtain the login data and then redirect users to the original Binance website.

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