Binance Offers $250,000 Bounty For Information Leading To Hackers’ Arrest

  • Binance is offering $250,000 for information that leads to the arrest of hackers who attacked it last week
  • The bounty will be paid in its BNB token, and may be split if multiple sources are used
  • Bounties aren't new to the bitcoin ecosystem. Currently available bounties include one for 37 BTC for information on hacker who hacked Satoshi Nakamoto

Hong Kong-based cryptocurrency exchange Binance is offering the equivalent of $250,000 for information that leads to the arrest of those responsible for an attack on its platform last week. The attack, as reported, was only stopped by the exchange’s security systems.

Last week Binance managed to thwart a ‘large scale’ theft attempt, in which it managed to withhold hackers’ funds. Now, the company decided to ‘play offense’ and offer a reward for information that leads to the criminals’ legal arrest.

The security incident saw hackers create API keys for phished users, so they could then pump Viacoin with the victims’ funds and sell the little-known cryptocurrency at a premium in the VIA/BTC trading pair. The irregular trading activity triggered Binance’s security systems, which halted withdrawals.

Binance’s $250,000 bounty will be paid in its Binance Coin (BNB), a token used at the exchange. Those who wish to collect the bounty will have to send the information they have to the exchange, and to their local law enforcement agencies. If local laws allow, the bounty hunters will be able to remain anonymous.

Justifying its move, Binance wrote on Medium:

“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.”

Binance

The company noted that if multiple data segments lead to the final arrest, the bounty may be split at Binance’s discretion. To widen its effort, it further revealed it allocated the equivalent of $10,000,000 in cryptocurrency reserves for future bounty awards. The Hong Kong-based exchange’s blog post further reveals it invited other cryptocurrency exchanges and businesses to follow suit.

Notably, bounties are nothing new in the bitcoin community. BitcoinBountyHunter.com currently has several bounties going. The biggest one, for 37 BTC (about $370,000), is being offered for information on the hacker that breached bitcoin founder Satoshi Nakamoto’s email account, and claimed to send a SWAT team to bitcoin pioneer Hal Finney’s home.

Another 20 BTC (about $196,000) bounty is being offered for information on an extortionist who threatened the family of bitcoin angel investor Roger Ver. The website notably doesn’t encourage vigilantism, and reportedly only pays out bounties if the crime if reported to authorities.

Microsoft's Bing Reportedly Blocked Over 5 Million Cryptocurrency Ads Last Year

Francisco Memoria

Microsoft’s search engine Bing has reportedly blocked over 5 million cryptocurrency-related ads last year, as a result of a ban the search engine enacted in an attempt to protect its users from fraudsters.

According to Bing’s ad quality review, the company’s bad account takedowns doubled in 2018, with cryptocurrency, weapons, and third-party tech support scams being the main problems it faced. Overall, Bing suspended “nearly 200,000 accounts” last year, and removed 900 million ads from its platform.

As covered, Bing banned cryptocurrency-related ads back in May, in a move it claimed was made to protect users from scammers, as the crypto market being unregulated meant cryptocurrencies “present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.”

At the time Melissa Alsoszatai-Petheo, who published the company’s blog post on the move, wrote:

To help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options. Bing Ads will implement this change to our financial product and services policy globally in June, with enforcement rolling out in late June to early July.

The move saw cryptocurrencies join other questionable products and services Microsoft banned from its platform. These include Ponzi and pyramid schemes, and the mentioned third-party tech support scams.

Bing notably banned cryptocurrency-related ads following bans enacted by search giant Google and social media giant Facebook. These two firms have since started allowing crypto-related ads from a few companies.

At the time, various cryptocurrency associations threatened lawsuits against the tech giants over what they claimed to be “cartel collusion” against cryptos, made in an attempt to manipulate the market.

Although Microsoft’s search engine has banned crypto ads, the tech giant itself has been accepting bitcoin payments since 2014. Its website even has a how-to page walking users through the process of topping up their accounts using BTC.