Sci-tech

Bitcoin bounty: exchange offers $250000 reward for info on hackers

Bitcoin bounty: exchange offers $250000 reward for info on hackers”

After acquiring these accounts, they created a trading API key for each account but took no further actions until March 7.

Then, within a two-minute period the hackers tried to make trades through these APIs from 31 accounts they controlled on the VIA/BTC market. 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. "Withdrawal requests were then attempted from these accounts immediately afterwards", Binance explained.

The attack was prevented after an automatic shut down of withdrawals and the VIA coins deposited by the hackers have also been held back. "Not only did the hacker not steal any coins out, their own coins have also been withheld".

But unlike in case of Coincheck, Binance was quick to react and thus was able to thwart the attack but apart from improving and their security and preventing the attacks right from the outset, Binance has also taken up measures for arrests of the culprits.

In the wake of the attack, many have praised the speed of the team's reaction and its effectiveness. The hack was however detected before it happened and they have issued a statement that all funds are safe.

"There are still some users whose accounts where phished by these hackers and their BTC were used to buy VIA or other coins".

"Binance has reversed all irregular trades".

"As in a football match, you can't just play defense", he tweeted.

The exchange disclosed last week that some hackers had targeted it in large-scale phishing and attempting to steal coins.

"This needs to be addressed", the exchange said.

"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 United States dollars in BNB [Binance Coin]", continued the modern day version of a wanted poster.

According to the company, the bounty will be split between multiple sources if the information is provided by different people.

Binance added that going forward they would allocate $10 million in reserves for future bounties against any other hacking attempts.

He is not the first cryptocurrency industry figure that scammers impersonated to pull off a similar scam.



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