A Crypto Exchange Offers $250,000 Bounty for Cyber-Criminal Information
Last week, a major crypto-currency exchange faced a sophisticated cyber-attack, prompting the company to offer a substantial $250,000 reward for any information leading to the arrest of the culprits. Binance, the exchange in question, announced the reward in a post on Sunday, stating that the bounty would be paid in Binance Coin (BNB).
Proactive Measures Against Hacking
Binance emphasized the importance of taking proactive measures to prevent hacking attempts in the crypto community. The firm highlighted the need for both prevention and post-attack response to ensure the safety of users’ assets and the integrity of the exchange.
Despite the unsuccessful nature of the recent hacking attempt on March 7, Binance acknowledged that the organized effort behind the attack was a cause for concern and warranted immediate action.
Future Rewards and Collaborative Efforts
In addition to the $250,000 bounty, Binance has allocated $10 million in virtual currency reserves for future rewards in hacking cases. The exchange also extended an invitation to other exchanges and crypto businesses to join their initiative and contribute to enhancing cybersecurity measures across the industry.
The Sophisticated Attack
The cyber-attack on Binance involved a large-scale phishing campaign targeting customers, leading to the compromise of user accounts. The attackers then created trading API keys for these accounts and attempted to make trades on the VIA/BTC market within a brief two-minute window.
Despite their efforts, Binance’s risk management system automatically disabled withdrawals, preventing the hackers from successfully transferring any funds out of the compromised accounts. The VIA coins deposited by the attackers were also frozen, effectively thwarting their theft attempts.
Binance reassured its users that their assets remained secure and that the exchange was actively working to strengthen its security measures to prevent future hacking incidents.