One week ago an attempt was made to hack the popular exchange Binance. The attackers were stopped before they could steal our money but Binance have since then recognised it as "a large-scale, organized effort" and two days ago posted this announcement which makes me feel as if I am living in some kind of crypto wild west!
"Binance is offering a $250,000 USD equivalent bounty to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident on Binance on March 7th, 2018."
The bounty will be paid in Binance's own BNB coin, exchange rate determined at time of transfer.
The bounty pool
In their announcement they also state that the equivalent of 10M USD has been put aside to offer out in the future, as and when they need the assistance of the public.
Deterrent
Other exchanges will be taking note of this now and creating their own bounty pools, for the idea whist it is an old one, may yet prove to be effective as a deterrent.
If indeed the attempt to hack Binance was a large scale effort there would be many people involved and due to their failure to successfully remove any funds they have most likely not been paid for a while, making $250,000 worth of crypto quite a tempting offer.
Crypto wild west
It is particularly interesting that in this new wild west there need be no physical interaction as the bounty is digital, so informers won't even have to reveal their identity to receive their reward, further strengthening the deterrent aspect.
Here is the announcement in full:
It is a brave new world and I am excited to see where this new tactic leads us...
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