The Binance Exchange Offers Bounty for Preventing New Hacks

March 12, 2018

After trading bots showed vulnerabilities, Binance attempts to go after hackers in a bid to preserve its reputation as a reliable exchange.

Binance is getting on the offensive against hackers, trying to preserve its reputation as a technically sound exchange. After the recent kidnapping of trading bots that caused extraordinary trades in the low-volume market of Viacoin (VIA), the exchange launched a bounty program for any errors, glitches and vulnerabilities.

The first move, however, was to set an actual headhunting bounty for the hacker that shook up trading on March 7:

“Binance is offering a $250,000 USD equivalent bounty 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.”

Additionally, Binance has set aside roughly $10 million’s worth of digital assets for future bounties to prevent hacks and exploits. The bounty program does not guarantee anonymity, but allows it. The bounty for the recent hack would be paid out in BNB coins, the trading and exchange medium on Binance.

The Binance community has already translated the bounty message into several languages, indicating the global outreach of the crypto-only exchange. Binance became extremely attractive only a few months after its launch, chiefly after the rise in TRON (TRX) and Verge (XVG). Right now, new registrations are open, but no one knows for how long. The December spike in prices caused Binance to suspend new registrations for a while.

Binance lists 270 digital assets in total, adding new coins constantly, while also holding community votes for popular assets. A presence on Binance means increased liquidity and credibility for the tokens.

Additionally, Binance also participates in airdrops, GAS payouts to NEO holders, and supports some forked coins, though without trading. This has earned even more credibility points, as users flock to receive rewards while keeping funds on the exchange wallet for trading.

The only criticism for Binance are the relatively high withdrawal fees, but some fees have been lowered due to the higher prices of an asset.

Vulnerable Trading Bots

Trading bots are relatively easy to acquire from specialized online shops. The bots are then configured with the API keys from the exchange, and can perform their preset strategy. The API key vulnerability was what made the bots misbehave on Binance, liquidating portfolios at market prices.

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