The Binance bounty program offers significant upside for information resulting in an arrest, according to an announcement made by one of the world’s largest cryptocurrency exchanges.
Last week, Binance was the target of a hacking attempt that involved the hijacking of API-trading bots that were installed into user’s accounts by hackers who gained access via prior phishing schemes. The bots were used to coordinate a massive selloff of altcoins into Viacoin, pumping its price significantly. Binance themselves weren’t hacked, though, and the company’s risk management system suspended all withdrawals at the first detection of any trading abnormalities, thus halting the hackers in their tracks. Binancereversedd all of the unauthorized trades, and users left the situation unscathed, albeit likely shaken by the close call.
How well Binance was able to block hackers and prevent widespread issues for their users has been commended by the cryptocurrency community. Adding to the positive sentiment around the cryptocurrency exchange, Binance released a statement via Medium announcing a massive campaign offering substantial bounties for information leading to arrests related to any attacks, hacks, or intrusions against Binance.
The announcement begins with a bold statement, pledging to address hacks in the crypto community:
“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. Even though the hacking attempt against Binance on March 7th was not successful, it was clear it was a large-scale, organized effort. This needs to be addressed.”
As part of the announcement, the BNB – Binance exchange’s native token – equivalent of $250,000 will be given to the “first person to supply substantial information and evidence that leads to the legal arrest of the hackers, in any jurisdiction.” Interested security-experts can submit information via [email protected], and are also encouraged to go to their local authorities.
Furthermore, Binance announced that the $250,000 bounty is only a tiny portion of a $10,000,000 sum reserved for future bounty allocations to be awarded to those that supply information that leads to an arrest. Binance is taking lead in crypto exchange security efforts, and have even invited other cryptocurrency exchanges to join them in their pledge to stop hackers seeking to separate users from their funds.
Binance’s stand against hackers is yet another reason its customers love the fast-growing cryptocurrency exchange, which saw it’s Q4 revenue jump from $7.5 million in its first three months in operation, to $200 million. If they can continue to keep customer’s funds safe and provide transparency during trying situations, they will continue to grow and dominate the space.