Binance offers $10M in cryptocurrency to nab hackers
Binance, the largest cryptocurrency exchange, is investing in bounties to protect it against illegal hacking attempts.
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 cryptocurrency reserves for bounties to catch hackers.
This offensive strategy stems from a failed hacking attempt on March 7, 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 arrest of the individuals involved. Binance also said that all funds are safe from that hack attempt.
"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 Sunday.
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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