Binance Crypto Exchange Is Offering US $250,000 Bounty for Hackers’ Tip-Offs

Binance has also created a kitty for future bounties and calls on other platforms to do so saying that this will prevent hacking activity. The exchange suffered hacking threats to its trading bots last week although it says all funds are safe.  

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Binance is offering a US$250,000 bounty to anyone with information leading to the arrest of hackers who targeted its platform last week. Additionally, the company is implementing it as a strategy, by setting US$10 million for future bounties.

Although anyone is yet to come forward, the exchange sees this as an effective strategy against hacking threats. It is also calling upon other platforms to do the same to deter crime which is now rampant as cryptocurrency prices go up and become more popular.

The exchange suffered a large-scale phishing and stealing attempt targeting at its trading bots. Although the funds are all safe, the company was unable to reverse some trades from accounts targeted by hackers.

This also comes in the wake of hacks that store about US$700 million in Japan and Italy this year. Hackers have mounted pressure on cryptocurrency exchanges to safeguard investor money. Besides, the Securities and Futures Commission (SFC) warned exchanges last month.

Thus, following complains of market manipulation to misappropriation of assets. Customers also complained of technical breakdowns that caused them a loss. As well as an inability to withdraw fiat and crypto balances from their wallets.

SFC told all the seven exchanges in the country that they were ready to pass the cases of potential fraud to police for investigation. The warning was also sent to companies issuing ICOs following complains of unlicensed or fraudulent activities.

Hong Kong allows unregulated trading of cryptocurrencies so long as the transactions do not fall under SFC’s jurisdiction. It said a number of crypto exchanges in the country rank in the top 20 globally in daily trading volume. Additionally, it will continue monitoring and be policing the market.

What are your opinions on Binance cryptocurrency exchange to deter hacking attempts? Let’s get connected on Twitter and Telegram.

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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