According to the Binance’s announcement on March 7th, it is proposing a quarter of million dollars equivalent award on the arrest of the swindlers involved in the March 7th occasion.
In accordance with the declaration, the first person to provide the data that results in a legal arrest, in any jurisdiction, will receive the award in Binance Coin (BNB), which is traded and used on the Binance exchange. If there are multiple sources of info that lead to the final arrests, the award may be split between sources.
In the announcement, Binance highlights the significance of a concerted effort to address criminality and unethical behavior in the crypto community:
“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.”
Apart from this, Binance has allotted $10 mln in crypto reserves for future awards against any hacking tries on Binance. Per Binance’s announcement, the exchange has also invited other exchanges globally to follow suit. “Protecting your funds is and has always been our highest priority!,” they added.
Customers warned Binance about the security violation after noticing irregular and unauthorized transaction behavior in their accounts. The exact way the swindlers employed remains unknown, though some users have posited that a probable compromise of clients’ API keys could explain how the hackers sidestepped Binance’s 2-factor authentication system. Binance continued trading activities the next day, March 8.