The biggest crypto exchange has announced a $10 million total bounty for anyone who provides information on any planned hacking attempts.
They have further announced a $250,000 bounty for any information on specifically the March 7th attempted hack where almost $47 million were stolen.
That attempt failed due to proactive measures by Binance, but the exchange says they are not happy to only play defense. They say:
“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.”
With the exchange then providing details in stating they are “offering a $250,000 USD equivalent bounty to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident on Binance on March 7th, 2018.”
The bounty is to be paid in the dollar equivalent of Binance Coin (BNB), with that equivalence measured at the time of transfer.
They further say they have “currently allocated the equivalent of $10,000,000 USD in crypto reserves for future bounty awards against any illegal hacking attempts on Binance.”
Whistleblowers can be anonymous, they say, if their jurisdiction allows such anonymity. Moreover, where more than one individual provides sufficient information that leads to the arrest, the bounty will be accordingly split, they say.
BNB is currently worth around $7.50, giving it a market cap near $1 billion. The token is fairly liquid, handling trading volumes of around $40 million in the past 24 hours.
As the dollar equivalence would be determined at the time of transfer, BNB’s price wouldn’t matter because receivers can simply insta-convert it if they wish, provided liquidity remains sufficient.
This is the first bounty of its kind as far as we are aware. There are many bug bounties, of course, but not ones addressing such sophisticated hack attempts.
Attempts which were potentially coordinated between numerous individuals, with the bounty so adding another level of consideration due to incentivized defections.