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Binance offers $250,000 bounty in bid to catch hackers

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Binance offers $250,000 bounty in bid to catch hackers

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Cryptocurrency exchange Binance has been put under pressure with allegations of a hack on 7 March due to a number of irregularities in the platforms trading activity. It is offering a hefty USD 250,000 bounty for information leading to the arrest of parties responsible for last week’s attempt, as well as to catch, halt and prevent all current and future breaches.

Binance recently issued a statement, promising the first person to be able to provide any information on the hackers a bounty paid in the platform’s native token BinanceCoin (BNB).The bounty will be split for a combined effort.

All Funds are Safe

On the evening of 7 March 2018, Binance CEO Changpeng Zhao tweeted:

“All funds are safe. There were irregularities in trading activity, automatic alarms triggered. Some accounts may have been compromised by phishing before. We are still investigating. All funds are safe.”

Unsure at that time on the severity of the issue, Binance put out an emergency announcement saying “all withdrawals suspended”. The platform fought back against allegations of a breach; later explaining the situation through a discussion on Reddit that had shown that some traders might have fallen victim to a series of API key thefts.

The hackers ended up losing funds, the majority of the hack was unsuccessful: users’ accounts were accessed using an elaborate phishing scam and their Bitcoin (BTC) was placed on trade orders for Viacoin (VIA) and others. These trades, in the end, did not execute.

Changpeng Zhao followed up with the tweet:

“We have localized the irregular trades they will be reversed. All funds are safe, thanks to the fast alarm. Please learn to secure your accounts against phishing.”

On the day of the attempted hack, Viacoin had a dramatic spike, pushing its market cap up to circa $100 million, before falling back to $50,000 million.

All Cleared Up

After this series of unfortunate events, Binance has allocated $10 million to a bounty program, urging all other significant exchanges to do the same. It believes this will prevent and discourage any future attempts to breach the network.

Details of the bounty program can be found in multiple languages on Binance’s Twitter, Reddit or Telegraph accounts.

Changpeng Zhao summarized the move, saying that: “As in a football match, you can’t just play defense.”

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