Binance offers $10 million in cryptocurrency to nab hackers

13 March, 2018, 15:07 | Author: Darnell Taylor
  • Binance offers $10 million in cryptocurrency to nab hackers

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.

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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.

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