Binance Offers $250,000 Bounty For Arrest of Hackers

Binance Offers $250,000 Bounty For Arrest of Hackers

 

Binance, one of the largest cryptocurrency exchanges, is offering a $250,000 bounty for the arrest of hackers involved with the March 7 incident.

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The announcement states that the first person to supply any information pertaining to the legal arrest within any jurisdiction, or receive a bounty in Binance Coin (BNB), which is the coin that is regularly traded within the exchange.

Binance pushes the importance of the effort to address these types of crimes and the unethical behavior that currently perpetuates within the current crypto community. Uses alerted Binance to the security breach after observing a regular and unauthorized transaction behavior within their accounts.

The exact method of how the hackers employed there hacks remain unclear, however there is a possible compromise of users API keys that could potentially explain how the hackers sites that finances two factor authentication system.

In addition to this current announced bounty, Binance has reserved $10 million in cryptocurrency reserves for future bounty awards against hacking attempts on Binance. “Protecting your funds is and has always been our highest priority!” states Binance reps. The exchanges also invited other top cryptocurrency exchanges to follow suit in this global matter.

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