Binance announced a $10 million total bounty for anyone providing any information on any of planned hacking attempts.
More specifically, it announced a $250,000 bounty for any information on the March 7 attempted attack.
The proactive measures of Binance led the attempt to failure. However, the exchange says that they are not happy playing only defense. They state:
“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.
Even though the hacking attempt against Binance on March 7th was not successful, it was clear it was a large-scale, organized effort. This needs to be addressed.”
With more details, the exchange states that there are “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 is going to be paid in the dollar equivalent of Binance Coin (BNB), measured at the time of transfer.
Furtherly, they say that have “currently allocated the equivalent of $10,000,000 USD in crypto reserves for future bounty awards against any illegal hacking attempts on Binance.”
They declare that the whistleblowers can be anonymous if their jurisdiction allows such anonymity. Furthermore, they say that the biggest the contribution that will lead to the arrest, the biggest portion of the bounty will be received by the individual.
BNB is currently worth around $7.50, with a market capitalization of near $1 billion. It is fairly liquid, as its trading volume amounts around $40 million in the last 24 hours.
As the dollar equivalence would be determined at the time of transfer, BNB’s price would not play any role because individuals can instantly convert it if they want, provided liquidity remains sufficient.
This is the so far first of the kind bounty. There are many bug bounty, of course, but no one has addressed such sophisticated hack attempts.
Many individuals could participate in such attempts, with the bounty adding another level of consideration due to the incentivized defections.