Bitcoin Exchange Binance Offers $10 Million Bounty For Arrest of Crypto Hackers

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Bitcoin Exchange Binance Offers $10 Million Bounty For Arrest of Crypto Hackers

A well-known bitcoin exchange Binance does not take hacking lightly, and is willing to offer $10 million in rewards to tipsters who assist them in apprehending cyberthieves.

“Binance is offering a $250,000 USD equivalent reward to anybody who provides information that leads to the legal arrest of the hackers engaged in the attempted hacking incident on Binance on March 7th, 2018,” the cryptocurrency exchange said on its website.

Furthermore, the exchange has put aside $10 million in bitcoin reserves for future reward payouts. The exchange said, “Binance has now designated the equivalent of $10,000,000 USD in crypto reserves for future reward payouts against any unlawful hacking efforts on Binance.”

Binance.US informs Investopedia that it will no longer enable transactions on its platform as of August 2021. Furthermore, Binance, the parent business, has faced regulatory action in a number of jurisdictions across the globe.

Binance emphasized in its shocking announcement that it would not be passive in the face of cyberthieves:

“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.”

The Japan-based exchange is one of the top three cryptocurrency exchanges in the world by trading volume, with $1.77 billion in virtual currencies on its platform.

When Binance was hampered by a hacking attempt last week, the price of bitcoin and other virtual currencies plummeted. (Read more: Bitcoin Price Drops Due to Binance Hack Attempt.)

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Binance informed consumers at the time that the breach was unsuccessful, and that it had stopped withdrawals and frozen the money put by hackers: “The VIA coins that the hackers had deposited were also frozen. The hacker not only did not take any money, but their own coins were also withheld.”

Following multiple high-profile crypto attacks over the years, hacking remains a major threat. In January 2018, cyberthieves stole 500 million NEM tokens valued at $400 million from Coincheck. (Learn more: Coincheck May Have Sustained the Worst CryptoHack in History.)

At the time of writing, the price of bitcoin was at $9,072.

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and neither Investopedia nor the author suggest that you do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.

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