Crypto Exchange Binance Offers $250000 Hacker Bounty

CZ Verified account        @cz_binance

CZ Verified account @cz_binance

While the attempt on March 7 is described as "not successful", Binance is still eager to track down the perpetrators.

Where Binance has already hopped in for precautionary measures as it stated, "To ensure a safe crypto community, we can't simply play defense".

Furthermore, Binance announced that the $250,000 bounty is only a tiny portion of a $10,000,000 sum reserved for future bounty allocations to be awarded to those that supply information that leads to an arrest. The sophisticated ploy was uncovered by their "automatic risk management system" before any theft of funds took place.

The bad news for the hackers was that Binance's automated systems quickly blocked all withdrawals, including attempts by the phishers themselves to make off with their intended fortune.

CZ Verified account        @cz_binance
CZ Verified account @cz_binance

"We have also invited other exchanges and crypto businesses to join our initiative", it added.

The attack unfolded in a matter of minutes and it was the result of careful preparation. 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. Unfortunately for them, their 2FA codes were valid for 30 seconds or so, meaning that once the code had been given to the phishing site the attackers could generate an API key and use it to access the real site.

At the time, Binance reassured customers the hack was unsuccessful, and that it had disabled withdrawals and frozen the coins deposited by hackers: "The VIA coins deposited by the hackers were also frozen". As of now, another big cryptocurrency exchange, Binance with a market cap of over $8 billion has suspected a possible hack on its website, after some users reported about an ongoing suspicious activity from third-party tools, last week. They gathered their information throughout a couple months' time, then chose a coin with a smaller market cap to help "maximize their own gains". There are still some users whose accounts whwere phished by these phishers and their BTC were used to buy VIA or other coins. Unfortunately, those trades did not execute against any of the hackers' accounts as counterpart.

Protecting your funds is and has always been our highest priority!

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