Binance Offering Bounty in Cryptocurrency to Find Hackers

Binance Offering Bounty in Cryptocurrency to Find Hackers, Binance has dealt with some struggles in recent time as the cryptocurrency exchange had been attacked by hackers. The exchange is now reserving $10 million as reward money for anyone who can provide information leading to the successful capture of the hackers that impacted Binance. This includes $250,000 for whoever can lead Binance to information on a recent hack, but it would entail the exchange’s official currency as a vital part of the bounty.

Binance listed on its blog that the site needs to work towards preventing hacking incidents.

The site also says that people will need to work towards identifying hackers so their strategies can be explored and analyzed. This may help with keeping future hacks from being likely to occur thanks to the extensive knowledge that can be gained here.

What makes the bounty distinct in that instead of offering $10 million in direct cash to anyone who helps, Binance is going to offer $250,000 in the dollar equivalent of the Binance Coin. The $10 million being reserved for reward money is being used to support any other bounties for cases where the exchange might be hacked or impacted in any other negative manner.

The Binance Coin has been trading at around $8 in recent time. It had been trading at over $20 in value in recent time, but the currency’s value has been steady for the most part. The $8 value is expected to increase as time moves along and Binance takes in more currency options. The value of the coin does not appear to have been hit by the recent hack.

As of now, the hacking attempt appears to have gotten deep into the Binance system, but the risk management system was triggered to suspend withdrawals. The funds that are held by Binance are fully safe and nothing has been stolen. However, the attempt kept Binance from being functional for a period of time. The site has since restored its full operations, but the hack has led to concerns over how protected the site and other similar places might operate.

The hack entailed phishing efforts that went along for a few minutes on February 22. Phishing attackers used Unicode domains that look like the Binance domain, but new API keys were produced to try and steal information. This included getting information through accounts that look similar to what Binance offers. The attack attempt was designed to take the bitcoin investments and other funds from impacted accounts, but the risk management system was put into effect before the hackers were able to steal anything.

Binance is inviting other groups to help with joining together to stop future hacking attempts. This includes working with effects to try and correct potential flaws in the cryptocurrency system to ensure that possible hacking events will be prevented again in the future.

Additional information on the Binance hack and what the exchange is doing to help with correcting the issue can be found on the Binance website at binance.com. The site’s blog is posting regular updates on the situation and how the site is restoring itself.

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