This is a well known fact that Binance always had some minor issues when it comes to operating within crypto space. First it was almost 36 hours downtime and then API keys hack of Binance exchange. Being the largest crypto exchange by volume, Binance is facing major security issues since its inception. But the recent hack was something which can't be ignored.
Now, Binance is offering a bounty of $250k for the arrest of hackers involved in the hacking activity on 11th March. As per the source, anyone who gives substantial information about the hackers leading to the arrest will receive a bounty of $250k in Binance Coin (BNB), which is traded and exchanged on Binance exchange. If there are multiple sources of information provided by a few people leading to the arrest of hackers, then bounty amount will be split into those informers.
After experience various hacking attempts, Binance officials now have taken this matter very seriously and taking a stand against all the unethical behavior in the crypto space.
As per this source, this official statement came from Binance officials:
“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.”
Along with this bounty announcement, Binance has also reserved $10 Million for potential bounties being offered in future in order to make crypto space more secure and effective. Binance has even invited other exchanges to join its cause.
Basically, Binance is responsible for the safeguard of all the users assets in the crypto exchange and this gesture of Binance is praised by many other crypto enthusiasts in crypto community.
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