Binance Offers $250k Reward for Arrest of Hackers

Binance Offers $250k Reward for Arrest of Hackers

The recent hacking attempt on a series of Binance accounts on March 7th – which is thought to have contributed to the wave of panic sales of Bitcoin and the subsequent mini-market crash witnessed on the same day – has resulted in an appeal from the world’s leading crypto-currency exchange in relation to the attack. 

In the press release, the Binance team state that it 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.”

“Large-Scale and Organised”

The statement further notes that whilst the attempt was not successful, there were nonetheless clear indications that the hacking attempt was “… a large-scale, organized effort [which] … needs to be addressed.”

The widely reported attack appears to have been implemented as a series of bots which themselves were programmed to trade VIA coin whose price was pumped up in exchange for Bitcoin using compromised accounts.

It is understood that the attempt was identified at an early stage, resulting in an alleged loss for the hackers themselves. The accounts that were impacted appeared to have had their log-in credentials compromised by a Binance imitator phishing site, targeting accounts which appear not to have implemented two-factor authentication. 

The incident has occurred only a few weeks after the hacking of CoinCheck in late January, in which over $350 million USD of NEM token are thought to have been stolen from the Japanese exchange.

Crypto-currency hacking and phishing activities have now become a multi-million dollar industry, with one source estimating that over 1/3 of all crypto-currencies have been compromised at some point in their history, with a loss of over $1 billion USD-equivalent in crypto-assets.