Binance Ready To Pay $250K For Hack Information

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Bitcoin News

Binance Ready To Pay $250K For Hack Information

The cryptocurrency exchange Binance has offered a $250,000 on the hackers arrest they have carried out on the March attack. There is an official announcement from Binance outlining that the first man who provides information will receive the bounty. The conditions are equal in all the jurisdictions.

The Binance stated it will provide bounty in Binance Coin, which is traded and used on the exchange. The bounty will be split between these sources, in case if there are multiple sources of information.

In its statement, Binance highlights the significance of the effort to address the crime. The exchange points out the unethical behavior in the crypto community, which needs to be addressed.

Bitcoin News

Binance Hack Attack: How It Unfolded?

Binance has announced there is additional $10 million in crypto reserves, which will serve as bounty awards against potential hack attempts.

Binance users have been complaining about the fact that their altcoins have been converted into Bitcoin without their consent earlier this month. Many of them didn’t even logged in their accounts and still experienced the same issue.

As per some of the posts on Reddit, users’ Bitcoins were used to purchase VIA coins. Once attackers received Bitcoins, they managed to withdraw them in small amounts. Binance’s administration has frozen withdrawals in about an hour after getting the first complaints.

The Binance exchange later posted a Tweet and stated that they had reserved all the irregular trades. Besides, all the deposits and withdrawals are now fully functioning. Changpeng Zhao, the CEO of Binance said that attackers used a phishing website to obtain the login data and then redirect users to the original Binance website.

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