The first person to supply substantial information and evidence that leads to the legal arrest of the hackers, in any jurisdiction, will receive the equivalent of $250,000 Dollars in BNB.
This offensive strategy stems from a failed hacking attempt on March 7th, when a large-scale phishing scam culminated in hackers nearly stealing millions of dollars in cryptocurrency. Additionally, the VIA coins deposited by the hackers were also frozen.
Binance started trading in July 2017, and traders were initially anxious about the lack of details on security and hacking prevention measures employed by the exchange.More news: Stocks Reach Important Points: Wells Fargo & Company (WFC), LyondellBasell Industries NV (LYB)
"To ensure a safe crypto community, we can't simply play defense", the firm said. "We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact." . The move is a direct response to the events of Wednesday, March 7, 2018, when hackers attempted to add Binance to the list of cryptocurrency exchange platforms that have been successfully hacked.
Cryptocurrency exchange Binance is offering a $250,000 in Binance Coin (BNB) to anyone who can provide information that leads to the "legal arrest" of the crooks that attempted to hack the platform last week. If local laws allow, the bounty hunters will be able to remain anonymous.
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 Hong Kong-based exchange's blog post further reveals it invited other cryptocurrency exchanges and businesses to follow suit. "We welcome their participation at any time", it claimed.More news: Barcelona star wants Neymar back
Bug bounties, set up for legitimate researchers to be financially rewarded for finding flaws in software, have become increasingly popular in recent years, with firms like Facebook and Uber now using them.
"Let's find these bad players, wherever they are in the world", Zhao tweeted Sunday. They also stated that the hacks were organized, patient and waited just for the flawless time to put into action their plan.
Binance's stand against hackers is yet another reason its customers love the fast-growing cryptocurrency exchange, which saw it's Q4 revenue jump from $7.5 million in its first three months in operation, to $200 million.More news: Lowe's Companies, Inc. (LOW) Shares Sold by Baker Avenue Asset Management LP