Home News Binance announces $10 000 000 bounty for information on hacking attempts

Binance announces $10 000 000 bounty for information on hacking attempts

The world’s largest cryptocurrency exchange Binance announced that it will pay $10 000 000 to anyone who provides information on any hacking attempts under preparation.

As stated by Binance representatives, the company has “currently allocated the equivalent of $10,000,000 USD in crypto reserves for future bounty awards against any illegal hacking attempts on Binance.”

Another $ 250 000 are pledged for any details on the latest unsuccessful attempt of robbing Binance of approximately $47 000 000 that took place on March 7, though proactive measures taken by Binance team were enough to ruin the malefactors’ plans for this time.

“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,” – the related statement posted by the exchange reads.

“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.”

The latter bounty amount will be payable in Binance Coins (BNC) too.

The statement stresses as well, that informants may remain anonymous if they wish so, given that this does not contradict the rules and regulations imposed by their jurisdiction.