Binance offers $10 million in cryptocurrency to nab hackers

Doris Richards
March 13, 2018

Binance is one of the world's largest cryptocurrency exchanges.

The attack unfolded in a matter of minutes and it was the result of careful preparation. Once control of these accounts had been taken, the attackers created a trading API key for each account - but then did nothing except bide their time. The biggest one, for 37 BTC (about $370,000), is being offered for information on the hacker that breached bitcoin founder Satoshi Nakamoto's email account, and claimed to send a SWAT team to bitcoin pioneer Hal Finney's home.

In addition to that, Binance, which supported the recent ONT airdrop for NEO holders, has now listed ONT/BNB, ONT/BTC and ONT/ETH pairs, enabling users to deposit their ONT and start trading. "Not only did the hacker not steal any coins out, their own coins have also been withheld". The attack, as reported, was only stopped by the exchange's security systems.

In the wake of the attack, many have praised the speed of the team's reaction and its effectiveness. The platform called for anyone who has fresh insights about the attempted hack to contact local law enforcement and supply detailed information to the email address bounty@binance [dot] com.

"There are still some users whose accounts where phished by these hackers and their BTC were used to buy VIA or other coins. As such, we are not in a position to reverse those trades", the exchange noted, and advised traders to take special precaution to secure their account credentials.

"As in a football match, you can't just play defense", he tweeted. "We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact", the company said.

Even with Binance being constantly under a lot of scrutiny and pressure on account of being the top exchange, it has managed to encounter criticism with crystal clear communication.

Cryptocurrency exchange Binance is offering a $250,000 in Binance Coin (BNB) to anyone who can provide information that leads to the "legal arrest" of the crooks that attempted to hack the platform last week. Anonymity is optional, providing local laws permit it, and the company reserves the right to split the bounty should there be multiple sources of information.

Furthermore, Binance has also reserved the equivalent of $10 million in Binance Coin or BNB for future bounty rewards against malicious hacking activity targeting the exchange.

Other reports by Iphone Fresh

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