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Tech & Science Binance offers $10 million in cryptocurrency to nab hackers

19:05  12 march  2018
19:05  12 march  2018 Source:   cnet.com

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Binance offers $ 10 M in cryptocurrency to nab hackers . The largest cryptocurrency exchange, Binance, now has $ 10 million set aside in cryptocurrency reserves for bounties to catch hackers .

Binance is offering 0,000 for information on the March 7th hack attempt against its company. The largest cryptocurrency exchange, Binance, now has $ 10 million set aside in cryptocurrency reserves for bounties to catch hackers .

a circuit board: Binance is offering $250,000 for information on the March 7th hack attempt against its company.<br /> © Provided by CNET Binance is offering $250,000 for information on the March 7th hack attempt against its company.
The largest cryptocurrency exchange, Binance, now has $10 million set aside in crypto reserves for bounties to catch hackers.

This offensive strategy stems from a failed hacking attempt on March 7th, when a large-scale phishing scam culminated in hackers almost stealing millions of dollars in cryptocurrency. For that hack attempt alone, Binance is offering a $250,000 equivalent bounty to the first person to supply any information leading to the legal arrest of the individuals involved. Binance also said that all funds are safe from that hack attempt.

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Binance, the Hong Kong based cryptocurrency exchange, has set aside a $ 10 million fund to protect it against hacking attempts. An offensive strategy, according to company CEO. Who said that it is just not possible to play defense all the time in a football match.

Binance Cryptocurrency Hackers Cryptocurrency exchange. Section: Cryptocurrency news / Crypto Currency News (EN). Link Populous 24 Hour Volume Reaches .05 Million (CRYPTO:PPT) 13 March 2018 08:13.

"To ensure a safe crypto community, we can't simply play defense. We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact," said Binance in a blog post yesterday.

The $250,000 bounty will be paid in the dollar equivalent of Binance Coin (BNB), which is currently worth more than $8, according to Coincodex. You can remain anonymous if you come forward with information, as long as your local laws allow it. If multiple sources come forward, the bounty will be split. You can send information to bounty@binance.com.

Binance has also invited other exchanges and crypto businesses to join in the initiative.

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