One of the world’s biggest cryptocurrency exchange Binance is offering $10 million in cryptocurrency to bounties against illegal hacking attempts.
The exchange made the announcement on Sunday and the step stems from an attempted hack that targeted the exchange on March 7. The hack was a large scale one that could result in loss of millions of dollars but luckily the hackers failed to pull down any funds. Although the attack was not successful, it was still enough to alert the crypto exchange.
Thereby, to discourage such unethical activities, Binance has set aside $10 million in crypto reserves for future bounty awards against any cyber attacks on the platform.
For the March 7 incident alone, Binance has offered $250,000 equivalent of bounty to the first person who will provide any piece of information that could lead to legal arrests of the culprits behind the attempted hack. If multiple sources give information resulting in arrests, the bounty will be divided between the sources. Sources have the option to stay anonymous as long as their local laws allow it.
“To ensure a safe crypto community, we can’t simply play defense. We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact. Even though the hacking attempt against Binance on March 7th was not successful, it was clear it was a large-scale, organized effort. This needs to be addressed,” said Binance in a statement.
The $250,000 bounty will be paid in Binance Coin (BNB); the token used and traded on the exchange. A BNB is currently worth more than $8.
Binance has also invited other global exchanges and crypto businesses to join in for the cause.
“Protecting your funds is and has always been our highest priority!,” the company added.