One of the largest crypto-exchange in the world, Binance has decided to go on the offensive to deter the series of hacks and attempts to steal assets from cryptocurrency companies.
A bounty of USD 250,000 was announced by the Hong Kong-based Binance 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 company said all funds were safe and no funds had been stolen after it had reported about a hacking incident.
The company officially responded by saying, “Defence against cyber attacks in the crypto-community simply isn’t enough on its own. Active instances of hacking need to be prevented before they occur as well as follow through after-the-fact. The hacking attempt against Binance on March 7th, though unsuccessful, was a large-scale, organized effort.”
At a determined exchange rate, the reward will be paid in BNB coins after arrests of the culprit.
A bounty of USD 10,000,000 has been reserved by Binance for future bounties against any illegal hacking attempts on the exchange. The company also encouraged other exchanges and crypto-businesses to join the initiative and do the same.
A gigantic amount over USD 500 million worth of the crypto-assets was stolen by cybercriminals by their attack on the Coincheck cryptocurrency exchange in January. This was the biggest attack in the crypto-world ever. The heist surpassed the attack on Mt. Gox exchange in 2014 when hackers vanished with digital currency worth USD 480 million.
Following that, the regulator in Japan, South Korea, and Hong Kong ordered the cryptoexchanges functioning in their respective jurisdictions to employ the best security measures. Japan’s financial regulator had also inspected all cryptocurrency exchanges present in the country.