Binance, the Hong Kong based cryptocurrency exchange, has set aside a $10 million fund to protect it against hacking attempts. An offensive strategy, according to company CEO.
Who said that it is just not possible to play defense all the time in a football match.
Speaking of matches, the exchange saw some rather talented hackers make an attempt last week, a large scale organized effort that ultimately failed. A phishing scam culminated in hackers almost stealing millions of dollars in cryptocurrency.
However, Binance was able to lock things down, and prevent damage.
With the user funds safe, and precautionary measures in place, the company quickly put aside a bounty kitty to catch hackers. In fact, it’s offering $250,000 to the first person to supply any information leading to the legal arrest of the individuals involved.
This is what it said:
“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.”
As revealed, the bounty will be paid in the dollar equivalent of Binance Coin (BNB), which is currently worth more than $8. It currently has a market capitalization of $826 million, making it the 25th largest cryptocurrency by market value.
Those who come forward with information can remain anonymous, as long as their local law allows it.
And if multiple sources come up, then the bounty will be split.
Binance has also invited other exchanges and crypto companies to join in the initiative, in order to help foster a safe community.