Binance is offering $250,000 equivalent bounty for information regarding hackers

Changpeng Zhao, CEO of Binance announced a bounty of $250,000 USD for anyone who provides information leading to a legal arrest of the hackers. The announcement was made on his official Twitter account along which he says,

“As in football match, you can’t just play defense.”

CZ’s announcement regarding hackers bounty

Recently, Binance was in the limelight in the crypto-currency world due to the hack on March 7th which led to a drastic price fall of all the coins in the market. This incident caused a lot of hassle and everything just went haywire. This has been the third phishing attack on Binance, the first attempt was made in the month January and the second in the mid of February.

The recent large-scale phishing and stealing hack attempt lasted for 2 minutes. Before the issue had escalated, the automatic risk management system halted all the withdrawals immediately and failed the hack attempt. Binance even made an official statement regarding the same stating ‘their highest priority has always been to safeguard their traders’.

So, in order to prevent further attacks from taking place, CZ and the Binance team has come up with ‘Hacker Bounty’. They have put across a proposal of $250,000 equivalent bounty to any person who provides substantial information and evidence which will eventually lead to the legal arrest of the hackers. The person who delivers the message will receive the money in BNB.

The information has to be provided to the bounty page of Binance. The local law enforcement agencies and Binance have even agreed to keep the provider’s information anonymous. If the legal arrest is caused due to multiple segments of data then the bounty will be split amongst all the people who provided the information.

CZ, along with the bounty tweet on Twitter says,

“I would also like to request all of our angels to help translate the bounty announcement into other languages. Let’s find these bad players, wherever they are in the world.”

Doug Crane, a Twitterati says,

“CZ… always thinking outside the box and on a mission to better our community… offense is the best defense… Go get em’ CZ! Attack the attackers before they can attack! I love it!”

NingaCrypt0, a Bitcoin investor on Twitter says,

“That’s the right idea, love the offensive mindest.”

Samuel, a Blockchain Enthusiast says,

“Whilst offense might be the best defense. Relentless hunt for these hackers will be draining since new one will spawn and replace old ones. Best focus on core mission.”

The exchange platform has even invited other exchanges and crypto business to join the initiative.

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