Binance establishes precedent by offering $250,000 to find those who tried to hack them
One week ago an attempt was made to hack the popular exchange Binance. The attackers were stopped before they could steal our money but Binance have since then recognised it as "a large-scale, organized effort" and two days ago posted this announcement which makes me feel as if I am living in some kind of crypto wild west!
"Binance is 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 will be paid in Binance's own BNB coin, exchange rate determined at time of transfer.
The bounty pool
In their announcement they also state that the equivalent of 10M USD has been put aside to offer out in the future, as and when they need the assistance of the public.
Deterrent
Other exchanges will be taking note of this now and creating their own bounty pools, for the idea whist it is an old one, may yet prove to be effective as a deterrent.
If indeed the attempt to hack Binance was a large scale effort there would be many people involved and due to their failure to successfully remove any funds they have most likely not been paid for a while, making $250,000 worth of crypto quite a tempting offer.
Crypto wild west
It is particularly interesting that in this new wild west there need be no physical interaction as the bounty is digital, so informers won't even have to reveal their identity to receive their reward, further strengthening the deterrent aspect.
Here is the announcement in full:
It is a brave new world and I am excited to see where this new tactic leads us...
Who is @samstonehill?
He is travelling the world with his partner & two children and with no bank account he has been living on STEEM & crypto for over nine months.
All content created for this account is 100% original (unless otherwise stated), produced by @samstonehill who invites you to use & share freely as you wish.
@samstonehill is the creator of:
@steemshop account where you can buy or sell anything you like using your steemit wallet SEE MORE
@steemmasters which provides FREE TUTORIALS, personal training & resteeming services. Website HERE
Contact me directly on steemit.chat if you want to know more about this
@steemholidays which encourages resort owners to offer holiday packages in Steem or SBD
@steemtv which aims to provide the best in decentralised films, exclusive to Steemit & DTube
The dailyquotes tag initiative designed to encourage steemians to share their most life changing quotes with the community on a daily basis.
The Aspiring Steemit Whales & Dolphins group on Facebook which seeks to help newcomers make the transition from Facebook to Steemit, providing them with detailed notes and personal assistance with their posts... resteeming them when he can.
@teamsteem @timcliff @jesta @good-karma @someguy123 @blocktrades @pfunk @klye @krnel @blueorgy @ausbitbank @thecryptodrive @ura-soul @pharesim
Without them our beloved Steemship would not fly.
Learn what this means HERE and place your vote HERE
It is an exciting adventure out there, it is like cowboy and pirates looking for the wanted men in exchange for the bounty. Digital world and money version. It is like straight out of the movies plot with all its exciting scenarios... Congrats to those who can get the rewards!
It sure is exciting... but only time will tell if this is an effective system!
I fuking love this. Thanks for sharing Sam. Its a good precedent. I've heard that in the deep web there are extremely qualified hackers can can basicaly do anything for a price. i hope someone takes on the challenge
Am loving this too. Interesting to hear about the deep web hackers, who are no doubt wondering now if 250,000 is enough for them to do the job?!
nah 250.000 for a hacker or a group that can do anything is too low. imo
I'm not tech savvy or anything. But I find it interesting if you can somehow find the hacker who did this you must know everything about a computer. Couldn't you frame someone else? HIGHLY unethical but just saying I feel like a bounty wouldn't be the best way to handle it. Just my opinion hbu?
Agreed it could turn out to be a murky business...
They would have to come up with some pretty solid evidence to be sure!
There are no words to show my appreciation! Great post @samstonehill (♥)
errr... really?
The Wild West analogy is quite appropriate, we live in a wild crypto world right now!
Feels quite fitting hey!
Excellent information my friend, although I do not think they can catch those who tried to hack binance. Even I can not convince that story, I think something is missing. Greetings.
You never know. They may just catch them with this kind of reward money!
They will surely get the hacker, with money and technology any thing is possible.
I agree :)