Binance offers $250,000 bounty for the arrest of hackers
$250,000 for the arrest of the 7 March hackers and $10 million set aside as bounty for future attacks.
The Binance cryptocurrency exchange was hit with a sophisticated and highly coordinated attack on 7 March. It probably would have crushed most exchanges, but Binance managed to repel the attack and actually freeze hacker funds, leaving them with a net loss.
Now it's going for something of a coup de grâce, offering a quarter million dollar equivalent bounty for information leading to the arrest of those responsible.
"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," Binance explained in its bounty announcement.
"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 7th, 2018."
"Furthermore, Binance has currently allocated the equivalent of $10,000,000 USD in crypto reserves for future bounty awards against any illegal hacking attempts on Binance. We have also invited other exchanges and crypto businesses to join our initiative. We welcome their participation at any time."
The first person to supply substantial information that leads to the legal arrest of the hackers in any jurisdiction will receive the equivalent of US$250,000 in Binance Coin (BNB), at an exchange rate determined at the time of transfer.
If multiple sources are used to lead to the final legal arrests, the bounty may be split between multiple sources. Binance has sole discretion over how the bounty is split.
Detailed information can be submitted to email@example.com as well as local law enforcement agencies. If local laws allow, one can choose to remain anonymous.
Cryptocurrency has always had a bit of a reputation as a lawless wild west, and now it's complete with bounties and wanted posters.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, SALT, BTC, NANO
- IOTA launches Pollen update: End of an era, start of another
- 5 curious findings from a new government cryptocurrency survey
- Alexander Mashinsky on killing the banks with cryptocurrency: Part 1
- Bitcoin and S&P correlation tighten, IMF warnings highlight crypto risks
- You can now pay for Bitcoin at Australia Post (with 5.9% in fees)