Crypto Bounty Hunter: Binance Offers $250000 Hacker Bounty for Info that Leads to Arrest of Crooks that Attempted to
In addition to that Binance has set aside $10 million for fortune bounties.
So, they are offering a $250,000 bounty to anyone who supplies information that leads to the legal arrest of the hackers. 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. Authorities cannot move against crypto exchange hackers without plenty of evidence, and since there are no actual victims in this case, it could be hard to prosecute anyone.
After acquiring these accounts, they created a trading API key for each account but took no further actions until March 7.
After the investigation, Binance has identified 31 accounts which appear to belong to the hackers, and every single abnormal trade executed in the VIA/BTC market is going to be reversed. They then attempted to coordinate a mass sell-off of alt-coins for Bitcoins and transfer those funds into their accounts.
However, as withdrawals were already automatically disabled by Binance's risk management system, none of the withdrawals successfully went out.
The attack was prevented after an automatic shut down of withdrawals and the VIA coins deposited by the hackers have also been held back.
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The attempted breach of Binance's systems on March 7 sent a wave of fear through the crypto community. "Not only did the hacker not steal any coins out, their own coins have also been withheld".
The attackers managed to inflate the value of Viacoin by using hacked Binance accounts to complete their criminal mission. Binance says that the hackers' plans were foiled when withdrawals were stopped and the trades were reversed.
Any information provided that helps with the arrests will earn the informant a bounty of $250,000 payable in BNB tokens and you don't even have to reveal your identity (though it will need an allowance from local authorities) but that's not all.
The company considers the bounty an effort to stop just playing defense.
"This needs to be addressed", the exchange said.
He is not the first cryptocurrency industry figure that scammers impersonated to pull off a similar scam.
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