Do You Know Who Hacked Binance? There's a $250,000 Reward...

Binance, the world's biggest 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, has appealed to the public for help in catching the hackers that attempted to steal money from it last week. The company is offering $250,000 in return for information leading to an arrest.

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On the 7th of March, 31 accounts of Binance customers suddenly began buying Viacoin, a relatively low-value cryptocurrency, with 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. As a result of this, the price of Viacoin rose dramatically. The buyers then attempted to sell the tokens, but were prevented from doing so by an automatic block mechanism in the Binance system.

The accounts were customer accounts that had been compromised at some point between January and the date of the attack. The hackers had collected information quietly over this period and waited for the ideal moment before making their move. This suggests an organised, professional operation.

The thieves may not have been able to get away with the money, but the effect of the event on the market was drastic. Binance handles over 2 billion USD in cryptocurrency trading on a daily basis, and doubts as to its security are apt to cause waves.

Binance used the online publisher Medium to make the offer. The exchange says that the reward will be given to the first person to supply information leading to the arrest of the hackers, but it could be split if more than one source of information is used. The reward will be paid in Binance Coin, the exchange's native token.

Interestingly, Binance adds that it has put aside $10 million as reward money in case of future hacks. This could be seen as a pessimistic attitude or a pragmatic one, depending on your point of view, but what is clear is that it is an attempt on the part of the exchange to give a warning to hackers, and some reassurance to its shaken customers.