Binance Gives $250,000 Bounty for Arrest of Hackers

March 12, 2018

The giant crypto exchange Binance offers a $ 250,000 reward to those who help them find hackers involved in the incident that took place on March 7th.

Binance is offering a $250,000 USD equivalent bounty

The announcement was made public on 11th March via Binance’s website. According to it, the first person to provide reliable and reasoned information that will complete with hackers’ arrest will be rewarded by Binance with an extravagant amount. They will receive Binance Coins worth $ 250,000. If more participants help investigations with relevant information, reward can be shared between sources.

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”, according to the statement.

Binance wants to prevent the future attacks

In the statement, Binance emphasizes the importance of preventing crime and inappropriate behavior inside the crypto community: “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.”

$ 10 million for future bounty awards

For future possible attacks, the Binance crypto exchange has allocated $ 10 million in a crypto repository in order to reward new users who will help to investigate the incidents.

Binance has currently allocated the equivalent of $10,000,000 USD in crypto reserves for future bounty awards against any illegal hacking attempts on Binance. We have also invited other exchanges and crypto businesses to join our initiative. We welcome their participation at any time.”

Binance isn’t at its first involving in hacker attacks. However, the crypto exchange doesn’t cease to improve the services they offer. The biggest priority for them is to protect the users’ funds.

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