Following the market manipulation incident on Wednesday that caused all kinds of damage, Binance has issued a hacker reward. A total of $ 10 million was allocated to catch hackers and other unscrupulous attackers, with $ 250,000 offered for information on who / who led to the viacoin increase last week.
Binance lights a warning
Last week, the attackers increased the price of viacoin, using Binance’s compromised accounts to do their dirty work. The plan was to sell at the top and withdraw money quickly in Bitcoins before the scam could be stopped. According to Binance, the hackers did not get away with it, and in fact they lost money in the deal after the withdrawals were stopped and the fraudulent exchanges were reversed. Not content to have mitigated the attack, the broker has now announced his intention to pursue the attackers, and is seeking the help of the public.
Yesss i received 7eth finally it works 🖒https://t.co/ppn4u2B6bZ
— Cookiehunter (@Cookiehunter9) 11 marzo 2018
Today, Binance announced that it is ” offering an equivalent reward of $ 250,000 USD to anyone who provides information leading to the legal arrest of hackers involved in the attempted piracy incident in Binance on March 7, 2018. ” The reward would be paid in the native BNB token of the exchange.
Really an option or just blah, blah, blah?
Even if the identities of the attackers can be discovered, the chances of their arrest seem remote. For the authorities to act against the exchange of cryptocurrencies, they will demand hard evidence of a crime, and although what happened was undoubtedly illegal, the fact that no victim was out of pocket makes the prosecution unlikely.
The reward of $ 250,000, therefore, can be interpreted as a warning more than anything. By energetically informing hackers that such behavior will not be tolerated, Binance expects the bad actors to choose a softer target next time. Because the exchange does not require a full KYC, the only information you can have about the attackers last week is an email address and an IP address.
Binance throws $ 10 million on the table
Binance’s media letter says: “In addition, Binance has currently allocated the equivalent of $ 10,000,000 USD in cryptographic reserves for future rewards against any illegal piracy attempt on Binance. We have also invited other exchanges and encryption companies to join our initiative. We welcome your participation at any time. ”
The platform is clearly genuine in its desire to take drastic action against illegal activity, and will have no qualms about paying for information that leads to the arrest of hackers. However, the generous sums that are agitated could also be interpreted as the exchange flaunting their wealth. Recently, Coinbase declared itself in defense after granting a series of grants to developers worth $ 2,500 each, or about 45 seconds of revenue for the US exchange. UU By committing $ 10 million, Binance has demonstrated his power and determination to thwart anything or anyone who gets in his way.