Binance offers $10 million in cryptocurrency to nab hackers

13 March, 2018, 15:07 | Author: Darnell Taylor
  • Zhao Changpeng chief executive officer of Binance one of the world’s biggest cryptocurrency exchanges is going on the offensive to deter hacking attempts that have plagued the industry. Akio Kon  Bloomberg

Binance also said that all funds are safe from that hack attempt.

"Binance has now allocated the equivalent of $10,000,000 Dollars in crypto reserves for future bounty awards against any illegal hacking attempts on Binance", noted the same announcement.

Last week, Binance was the target of a hacking attempt that involved the hijacking of API-trading bots that were installed into user's accounts by hackers who gained access via prior phishing schemes.

In order to tackle any incidents of hacking before the occurrence, Binance is offering the equivalent of $250,000 (paid in cryptocurrency - Binance Coin) for information that leads to the arrest of hackers who targeted some users last week. "Withdrawal requests were then attempted from these accounts immediately afterwards", the Binance team explained on Thursday.

"However, as withdrawals were already automatically disabled by our risk management system, none of the withdrawals successfully went out. Not only did the hacker not steal any coins out, their own coins have also been withheld". "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. According to a recent company blog post, Binance wants to actively prevent any instances of hacking before they happen, as well as follow through after-the-fact should any future hacks occur.

SC extends deadline for Aadhaar linking till verdict
He proceeded to submit that other ID's such as the voter ID, Electricity bills etc. are being taken into consideration. Venugopal, learned Attorney General for India submitted that this Court may think of extending the interim order".


Mizzou suspends Barnett for NCAA opener
During Sunday's selection show on CBS, Florida State (20-11) learned it received a No. 9 seed in the West Region. Barnett won't play against FSU but will be allowed to practice this week and travel with the team to Nashville.


Federer cruises past Krajinovic at Indian Wells
Seventh seed Kevin Anderson took down Nicolas Kicker 7-6 (1) 7-6 (3) and South Korea's Chung Hyeon beat Tomas Berdych 6-4 6-4. In large parts of the match, Federer used the drop shot to get the Serbian off the balance.


Binance users were engulfed in chaos as funds from their cryptocurrency wallets vanished, coins were being purchased without authorization, and the panic forced Binance to temporarily halt trading.

"Let's find these bad players, wherever they are in the world", Zhao tweeted Sunday.

Over the weekend, the cryptocurrency trading platform said the funding, made up of cryptocurrency and set aside for future needs, has been created out of the need to address the threat of cyberattack.

Any information provided that helps with the arrests will earn the informant a bounty of $250,000 payable in BNB tokens and you don't even have to reveal your identity (though it will need an allowance from local authorities) but that's not all.

He is not the first cryptocurrency industry figure that scammers impersonated to pull off a similar scam.

Recommended:

  • NCAA Tourney 1st: UCLA starting in Dayton vs. St. Bonaventure

    NCAA Tourney 1st: UCLA starting in Dayton vs. St. Bonaventure

    Bonaventure won Atlantic 10 regular season and back are back in the field for the first time since 2012 and seventh all time. The tired Bruins didn't practice Saturday after returning from Las Vegas and didn't take the court Sunday, either.
    Mourinho fires back at De Boer

    Mourinho fires back at De Boer

    Mourinho did not take kindly the Dutchman's comments, and launched a scathing attack on him during a press conference on Monday. I say Liverpool because they are an example of a very good team, a good example of an important stadium with a big tradition.
    Nice Tuesday, Rain and Snow later in the week

    Nice Tuesday, Rain and Snow later in the week

    If the low can develop and track across western Montana, bands of moderate to heavy snow would be likely for mountain passes. We took a step in the spring direction this past weekend as we sprung ahead our clocks back to daylight saving time.
  • Valve Introduces New DotA 2 Subscription Feature For $3.99 A Month

    Valve Introduces New DotA 2 Subscription Feature For $3.99 A Month

    With the game being a popular eSports title, the tournaments are a great way to get into the more competitive side of Dota 2 . Finally, Valve is bringing back the weekend Battle Cup tournaments, which Plus members will receive free access to.
    Paul Pogba included in Manchester United's Champions League squad to face Sevilla

    Paul Pogba included in Manchester United's Champions League squad to face Sevilla

    But when you draw away, even though it's a 0-0, we get to decide the tie at home. "So not to win would be a disappointment".

    Asus Zenfone 5 Max spotted on Geekbench revealing key specs

    According to past rumours, Asus Zenfone 5 Max could feature a 5.7-inch Full HD+ screen with 18.9 aspect ratio. There are two variants of the phone- one that runs on Snapdragon 425 and the other runs on Snapdragon 430.
  • Potential trade war threatens global economic growth, OECD warns

    Potential trade war threatens global economic growth, OECD warns

    A seagull flies by as cargo ships and an offshore supply vessel lie at anchor at sunrise off Sousse, Tunisia February 14, 2018. President Donald Trump's move to slap tariffs on steel and aluminum imports. "This could obviously threaten the recovery".
    CM Punk says he will return to UFC on June 9

    CM Punk says he will return to UFC on June 9

    Former WWE star CM Punk has confirmed that he will fight in the UFC for a second time in the summer. Should Punk secure a win, talks about him fighting Floyd Mayweather Junior could gain momentum.
    Merkel hopes to revive Ukraine peace deal after Russian Federation  election

    Merkel hopes to revive Ukraine peace deal after Russian Federation election

    Merkel welcomed talks the European Union has already started, and said the new German government will hold talks of its own.
  • Suspicious 'white powder' sent to UK Parliament building; 2 hospitalised

    Suspicious 'white powder' sent to UK Parliament building; 2 hospitalised

    Specialist officers investigated the package and found it was not hazardous, a parliamentary spokesperson later said. Police are investigating a suspicious substance found on the parliamentary estate.
    Manchester United's Paul Pogba trains 'a little bit' ahead of Sevilla

    Manchester United's Paul Pogba trains 'a little bit' ahead of Sevilla

    They register one win on the road, but it was against a lowly Malaga side that can't get a win to save their lives at the moment. In the Champions League, the team has a slight edge ahead of this game since the first leg ended with a scoreless draw.
    Ola officially launches in Sydney

    Ola officially launches in Sydney

    SoftBank is also the largest shareholder in Uber, after the Japanese telecom firm recently bought 15 per cent of its stake. The company has not yet started operations in Melbourne.


Popular

Allen Robinson Set to Join Chicago Bears
Robinson is coming off a knee injury, but Blanton is still convinced that signing him will bring more good than harm to the Bears. Robinson is the type of player who can make sideline catches and be a weapon in the red zone.

Oil rescued from price lows by Libyan supply disruption
LONDON-Oil prices edged up Tuesday morning, even as fresh signs of rising US shale production appeared to put a cap on prices. Brent crude futures-where Nigeria's oil is pegged-sold at $64.77 per barrel, down 18 cents, or 0.3 percent.

Man United sink Liverpool, unsavoury scenes at West Ham
It's left manager Jürgen Klopp in a rather annoyed mood, eager for the chance to show his side can bounce back. Jose Mourinho has branded Frank de Boer "the worst manager in the history of the Premier League ".

Manchester United midfielder Carrick to retire at end of season
The post Man United Captain Carrick Confirms Plans To Retire At End Of Season appeared first on Complete Sports Nigeria . He seamlessly turned his direction at the last juncture to curve one past the keeper to take the lead in the 14 minute.

BBC to appeal to United Nations over Iran's violations
Reports say the injunction is linked to a criminal investigation into alleged conspiracy to commit crimes against national security in Iran and overseas .

Charlie Nicholas' predictions: Can Manchester United and Chelsea progress?
Carrick knows better than anyone in the squad about the high standards demanded at Old Trafford. It's something you've got to accept so that's where I am at.

Seoul to closely cooperate with China, Japan to tackle North Korea issue
They also say the North could even offer to reduce the amount of nuclear materials it has saved for making nuclear weapons . While Suh returns to Seoul, Chung is set to make a two-day trip to Moscow to consult Russian officials.

NCAA snubs Notre Dame, USC highlight NIT field
Notre Dame is another team to look at, as they came within single digits to CT when the teams played earlier in the season. Despite boasting one of the most efficient offenses in the country, the Gaels will be playing in the N.I.T. again.

Premier League Stars Headline Brazil Squad For Russia, Germany Friendlies
The Russia game will take place in Moscow before Brazil fly to Berlin to face Germany. Forwards: Gabriel Jesus, Roberto Firmino, Douglas Costa, Taison, Willian Jose.

Muthalik cleared in 2009 pub attack case
About the accused who were acquitted on Monday, Karandlaje said, "They were in jail for six years without any reason". However, in 2010, Muthalik said that the attack was a "big mistake" as it had affected his group's reputation.