Cryptocurrency exchange Binance offers $250000 bounty for hacker information

Cryptocurrency exchange Binance offers $250000 bounty for hacker information

The hack was however detected before it happened and they have issued a statement that all funds are safe. The actual attack took only two minutes. To widen its effort, it further revealed it allocated the equivalent of $10,000,000 in cryptocurrency reserves for future bounty awards. The common crimes include phone porting, computer hacks, phishing attacks and cryptocurrency Ponzi schemes. We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact.

Over the weekend, the cryptocurrency trading platform said the funding, made up of cryptocurrency and set aside for future needs, has been created out of the need to address the threat of cyberattack.

Cryptocurrency exchange Binance is offering a $250,000 in Binance Coin (BNB) to anyone who can provide information that leads to the "legal arrest" of the crooks that attempted to hack the platform last week. The exchange's "automatic risk management system was triggered", stopping the trades and effectively ending the Binance attack. During the second month, a lot of phishing attacks were seen looking similar to binance.com with the only difference being 2 dots at the bottom of 2 characters.

For Binance this was a first but it would be naïve to think it was the last and while this was a failed attempt and successful one could see one of the biggest and worst hacks in the history of crypto (don't want to be part of that, right?).

Binance Company officials are thankful that on this incident the hack was unsuccessful as they quickly caught on to the intrusions thus freezing all withdrawals.

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Traders reported that their alt coins were being sold off and converted into Bitcoin (BTC) and Viacoin (VIA).

Binance users were engulfed in chaos as funds from their cryptocurrency wallets vanished, coins were being purchased without authorization, and the panic forced Binance to temporarily halt trading. VIA coins were used due to lower liquidity which in turn would help to get greater gains.

After a thorough security check by Binance, we resumed withdrawals.

"This was an attempt to move the BTC from the phished accounts to the 31 accounts".

Reports suggest that numerous compromised accounts did have two-factor authentication (2FA) enabled for a higher level of protection.

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