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Binance Offers $250000 Bounty To Catch Hackers

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In the wake of last week's attempted hacking incident on Binance, the cryptocurrency exchange has announced a $250,000 Bounty for anyone who provides information that leads to the arrest of those responsible for the attack.

The reward would be paid out in the exchange's native BNB token.

"The first person to supply substantial information and evidence that leads to the legal arrest of the hackers, in any jurisdiction, will receive the equivalent of $250,000 USD in BNB. The exchange rate will be determined at time of transfer," Binance said in a blogpost.

On March 7, a number of Binance accounts were phished, and attackers pumped the price of viacoin using them.

The plan was to sell at the top and quickly cash out in bitcoin before the scam could be stopped.

But the China-based company acted quickly, and put the exchange on a lock-down, reversing all the fraudulent trades. The hacker's accounts were frozen.

Binance said it has allocated the equivalent of $10 million in crypto reserves for future bounty awards against any illegal hacking attempts. The crypto major has also invited other exchanges and crypto businesses to join its initiative.

Founded by Changpeng Zhao in July 2017, Binance is the largest cryptocurrency exchange in the world.

It can process a blazing 1. 4 million transactions a second, according to Forbes.

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