Binance Offers $250,000 in Cryptocurrency for Information on Hackers
On March 7, 2018, the cryptocurrency exchange Binance was targeted by hackers in an attempted attack that caused widespread panic among users. Many account holders discovered that all their altcoins had been sold at market price and converted into Bitcoin. The attackers, having gained access to user accounts, began purchasing large amounts of Viacoin (VIA), causing its price to surge and daily trading volume to skyrocket from the usual $1–4 million to $250 million.
During the day, the hackers tried to withdraw funds from the compromised accounts. However, Binance’s security system detected the suspicious activity and blocked the transactions, preventing the theft.
Although the attempt was unsuccessful, Binance’s administration is determined to find those responsible and bring them to justice. To this end, Binance has offered a reward equivalent to $250,000 in its own cryptocurrency, BNB, for information leading to the arrest of the hackers involved in the incident.
According to the exchange’s official statement: “The first person to provide information and evidence sufficient for the legal arrest of the hackers will receive the equivalent of $250,000 in BNB. The exchange rate will be determined at the time of the award. Please send detailed information to bounty@binance[.]com as well as to your local law enforcement authorities. You may remain anonymous if permitted by your local laws.”
In addition, Binance announced it has allocated the equivalent of $10 million in cryptocurrency to reward those who help prevent any future illegal hacking attempts against the exchange.