Binance Grants $200,000 to Investigators for Identifying Exchange Hackers

Cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Binance announced today that it has awarded $200,000 to investigators for providing information about attackers and for the details about how the attack was carried out in March 2018.

According to the official announcement, the US Department of Justice (DOJ) identified two individuals responsible for the attack. Following the identification, the office of Foreign Assets Control announced sanctions related to the individuals. The attackers created phishing sites to mimic Binance and collected sensitive information including login details and then used those details to plan the attack.

Soon after the attack, Binance promised a bounty worth $250,000 for any help or information leading to the arrest of the attackers. The security team at Binance helped the law enforcement agencies by passing on the findings of the private investigator. Further, the exchange mentioned that it had worked with US agencies to help in the identification of suspects.

According to the US Department of Justice and the Office of Foreign Assets Control, two Russian Individuals named Danil Potekhin and Dimitrii Kamasavidi are the alleged culprits of the phishing scheme.

“As a result of this cooperation, the culprits have been identified and sanctioned, and are currently being pursued. Though the suspects remain at large, we decided to award a 200,000 USD bounty to the investigators for their work, with the remaining 50,000 USD to be given once the attackers are in custody,” the exchange mentioned in an official announcement.

Phishing Campaigns

Crypto users have lost millions of dollars in phishing campaigns in recent years, the exchanges around the world are stepping up the security along with awareness campaigns to stop such incidents. The US Department of Justice added that both alleged perpetrators carried out similar attacks on other exchanges including Gemini, Poloniex, and Bittrex with a combined value of more than $17 million. Furthermore, the department mentioned that approximately 566 Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (with a current value of around $8.8 million) was stolen from 142 exchange users through phishing schemes and fake sites between December 19, 2017, and March 2, 2018.