March 12, 2018 by

Cryptocurrency Exchange Offers $250,000 Hacker Bounty

One of the world’s largest cryptocurrency exchanges is on the offensive, offering a $250,000 bounty for tip-offs on hackers who have long plagued the cryptocurrency industry.

Founded by Zhao Changpeng, Binance has quickly become one of the world’s largest cryptocurrency exchanges in recent years. The exchange is offering BNB, a cryptocurrency token to the equivalent of $250,000 for anyone supplying information leading to the arrest of hackers who targeted the platform last week.

Binance first disclosed an attempted hacking attack targeting the exchange last week. While the exchange insists that “all funds are bad”, Binance did confirm that it was the target of a “large-scale phishing and stealing attempt.”

The crypto exchange said on Sunday:

The first person to supply substantial information and evidence that leads to the legal arrest of the hackers, in any jurisdiction, will receive the equivalent of $250,000 USD in BNB. The exchange rate will be determined at the time of transfer.

The trading platform is also allocating the equivalent of nearly $10,000,000 USD as a reserve for future bounty awards against illegal hacking attempts on the platform.

Hackers have increasingly targeted cryptocurrency exchanges around the world in recent years as the value of digital assets soar. Earlier this year, Japanese cryptocurrency exchange Coincheck was the victim of theft totaling some $530 million in NEM, a cryptocurrency token, from its online vaults. The theft has led to a wave of scrutiny by Japan’s regulator, urging the industry to do more to safeguard investors’ assets.

Featured image from Shutterstock.

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LIFARS is the global leader in Digital Forensics and Cyber Resiliency Services. Our experience spans two decades working on high profile events, often in concert with Law Enforcement Agencies around the world. Our proprietary methodology derives directly and indirectly from our experience working with and for U.S. Intelligence Agencies, Interpol, Europol, and NATO. We are solely dedicated to Cyber Resiliency and thus pay close attention to all aspects of our clients’ engagements experience while providing a strategic and integrated array of services to minimum risk and disruption while protecting your brand.

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