Binance has announced a $250,000 reward for bounty hunters to track down hackers who attempted to take down the exchange on March 7, 2018.
As you may be aware, Binance is one of the largest exchanges in the world and many traders leave large amounts of their digital assets on the platform. As such, this minor “centralization” makes it a honey pot for attackers.
The interruption in service caused a wave of panic in the cryptocurrency community and understandably so. Evidently, Binance conducts billions of dollars in daily trade volume and naturally poses a lucrative target for would be hackers.
Binance Bounty Program
Through a blog post, the exchange took a bold step in announcing a bounty for information leading to the capture of those who tried to conduct the unsuccessful operation:
‘’Binance is offering a $250,000 USD equivalent bounty to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident on Binance on March 7, 2018’’
The reward is payable in Binance Coin for the first person to offer significant information of the hacker’s identity. However, the cryptocurrency exchange reserves the right to split the amount if there are multiple sources of the information.
To prove its commitment, Binance has allocated a further $10 million to thwart future attacks. Even though the first attempt was unsuccessful, the exchange is taking the reasonable step of guarding against future hacks.
Binance CEO Chang Peng Zhao summed it up best using a sports example:
‘‘As in a football match, you can’t just play defense. 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.’’
This represents an unprecedented step in promoting security of exchanges. Binance has its might and absolute interest in the safety of cryptocurrency exchanges.