We’ve all been burned.
Whether we’ve sent funds to the wrong wallet address or wrong coin wallet address, clicked a phishing link, or experienced Mt.Gox.
There has been a lot that has burned those in the cryptocurrency industry.
Binance is aiming heavily at making sure that doesn’t happen anymore, especially with their platform which handles more transactions than almost any other exchange.
Binance Hacker Bounty: $250k For The Recent Hacker and $10 Million For The Future
This is an industry heavy in developers, programmers, and those that truly understand hacking.
And with the intractability of many of the privacy coins like Dash, XMR and Zcash it only makes sense that hackers and those of the same type are often praying on those that don’t understand or are helpless to defeat.
Just like when email was first created and scams which would send an email out to everyone in the contact list once clicked – this is the beginning of new internet and email altogether.
After the recent Binance hack that leads to a decrease in Bitcoin’s price as well as wavering trust, they have come out with a new program.
For the current time(1):
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.
And the best part is that they are building out their arsenal for the future as the industry goes and funds need to be safeguarded.
In fact, their arsenal for future hacks is 10,000,000 USD in crypto assets, as well as, the extended invitation to other exchanges and crypto businesses.
This is powerful and shows the legitimacy of the industry as well as maturation of it.
We will see more hacks, that is inevitable, but now on Binance at least, they have something to watch out for.
If you have any information and are looking to help out with the recent hack (for the reward of course) email Binance at email@example.com.
Thanks for reading,
The GCA Team