Binance, the world’s biggest cryptocurrency exchange, has appealed to the public for help in catching the hackers that attempted to steal money from it last week. The company is offering $250,000 in return for information leading to an arrest.
On the 7th of March, 31 accounts of Binance customers suddenly began buying Viacoin, a relatively low-value cryptocurrency, with Bitcoin. As a result of this, the price of Viacoin rose dramatically. The buyers then attempted to sell the tokens, but were prevented from doing so by an automatic block mechanism in the Binance system.
The accounts were customer accounts that had been compromised at some point between January and the date of the attack. The hackers had collected information quietly over this period and waited for the ideal moment before making their move. This suggests an organised, professional operation.
The thieves may not have been able to get away with the money, but the effect of the event on the market was drastic. Binance handles over 2 trillion USD in cryptocurrency trading on a daily basis, and doubts as to its security are apt to cause waves.
Binance used the online publisher Medium to make the offer. The exchange says that the reward will be given to the first person to supply information leading to the arrest of the hackers, but it could be split if more than one source of information is used. The reward will be paid in Binance Coin, the exchange’s native token.
Interestingly, Binance adds that it has put aside $10 million as reward money in case of future hacks. This could be seen as a pessimistic attitude or a pragmatic one, depending on your point of view, but what is clear is that it is an attempt on the part of the exchange to give a warning to hackers, and some reassurance to its shaken customers.
Source: Finance Magnates
Jr Trader Petar Milanov
Finance Magnates: Do You Know Who Hacked Binance? There’s a $250,000 Reward…
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.