Binance Hack Update | Binance Offers Bounty for Information on Hackers

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Announced yesterday, there has been an update on the Binance hack that occurred last week.

Originally appearing as technical difficulties, the Binance hack was quickly dealt with and was ultimately unsuccessful. Now, Binance is looking for retribution in the form of arrest and is offering a bounty for “anyone who supplies information that leads to the legal arrest of the hackers involved.”

Binance hack
Source: Twitter

Subsequent tweets followed the Binance hack bounty tweet posting the announcement in numerous languages, including Arabic, Portuguese, and Vietnamese, to better spread the news around the world.

The bounty offered equates to US$250 thousand.

>> Binance halts trading for “system maintenance”

Binance has said on the matter:

“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.”

Additionally, Binance has put up a further US$10 million for any necessary future bounties:

“Furthermore, Binance has currently allocated the equivalent of $10,000,000 USD in crypto reserves for future bounty awards against any illegal hacking attempts on Binance. We have also invited other exchanges and crypto businesses to join our initiative. We welcome their participation at any time.”

Will other crypto exchanges join with Binance in the fight against hackers? There’s certainly no reason not to, and Binance is right that more needs to be done to make the crypto sphere safer for participants, but can a bounty really stop future attacks? Although Binance has committed to the bounty and admitted that it needs to be active to prevent issues like this occurring before they happen, the exchange was vague about what that action would involve.

There have already been several crypto hacks, some of which have been successful. For example, in January this year, the Japanese exchange Coincheck was plagued by one of the largest crypto hacks ever. 

>> Coincheck to repay hack victims

Binance has taken the first step towards combatting crypto hacks – but is it enough?

Featured image: markusspiske

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