Crypto News: Binance Puts $250,000 USD Target on Hackers' Backs!

A famous cryptocurrency exchange called Binance has just recently made the news in a major way by offering a $250,000 BNB cryptocurrency bounty for information leading to the arrest of hackers involved in a recent botched hack on March 7th, 2018. Hackers didn't make off with the Bitcoin as their accounts were frozen before they could withdraw any.

According to the announcement, the first person to supply the information that results in a legal arrest, in any jurisdiction, will receive the bounty in Binance Coin (BNB), which is traded and used on the Binance exchange. If there are multiple sources of information that lead to the final arrests, the bounty may be split between sources.

This is a smart move on Binance's behalf in my opinion. It sends a message that the company is committed to being around for a long time and protect the interests of their customers and the cryptospace in general. It also sets a precedent that other exchanges will most likely follow in the future.

Binance publicly stated the importance of the crypto community coming together to prevent malicious behavior by bad actors:

“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.”

What impressives me further is the fact that they have also gone beyond this current bounty by allotting $10 mln in crypto reserves for future bounty awards attached to any future hacking attempts on Binance. Binance was able to reduce their main point to a single statement directed at their customers “Protecting your funds is and has always been our highest priority!,” they added.

What do you guys think about this news? Is this going to be enough to bring back confidence to an already shaken cryptocurrency market? Are you as impressed as I am with the way in which Binance has handled this and taken a stance on malicious behavior?

Please leave thoughts below!

Thanks for reading @Techblogger.

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Source:

Binance Offers $250,000 Bounty For Arrest of Hackers - CoinTelegraph

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CoinTelegraph