Binance offers US$250,000 hacker bounty

Binance offers US$250,000 hacker bounty

Hong Kong-based Binance, one of the largest Cryptocurrency exchanges in the world, is offering a US$250,000 bounty for information that will lead to arrest of hackers who targeted the Exchange last week.

One of the world’s biggest cryptocurrency exchanges is going on the offensive to deter hacking attempts that have plagued the industry.

Hong Kong-based Binance, founded by Zhao Changpeng, is offering the equivalent of a US$250,000 bounty – paid in cryptocurrency – for information that leads to the arrest of hackers who targeted the venue last week, it said in a statement on Sunday.

Founded in July last year, Binance disclosed last week that it had been the target of a “large-scale phishing and stealing attempt”.

While the exchange said “all funds are safe”, Binance noted that it was unable to reverse some trades from accounts targeted by the hackers. Its bounty offer followed last month’s warning made by the Securities and Futures Commission (SFC) to Hong Kong’s cryptocurrency exchanges after investors complained of practices ranging from market manipulation to misappropriation of assets.