Binance offers a reward of 10 million dollars

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.