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Binance is offering $250,000 equivalent bounty for information regarding hackers

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Binance is offering $250,000 equivalent bounty for information regarding hackers
Source: Public Domain Pictures

Changpeng Zhao, CEO of Binance announced a bounty of $250,000 USD for anyone who provides information leading to a legal arrest of the hackers. The announcement was made on his official Twitter account along which he says,

“As in football match, you can’t just play defense.”

CZ's announcement regarding hackers bounty

CZ’s announcement regarding hackers bounty

Recently, Binance was in the limelight in the crypto-currency world due to the hack on March 7th which led to a drastic price fall of all the coins in the market. This incident caused a lot of hassle and everything just went haywire. This has been the third phishing attack on Binance, the first attempt was made in the month January and the second in the mid of February.

The recent large-scale phishing and stealing hack attempt lasted for 2 minutes. Before the issue had escalated, the automatic risk management system halted all the withdrawals immediately and failed the hack attempt. Binance even made an official statement regarding the same stating ‘their highest priority has always been to safeguard their traders’.

So, in order to prevent further attacks from taking place, CZ and the Binance team has come up with ‘Hacker Bounty’. They have put across a proposal of $250,000 equivalent bounty to any person who provides substantial information and evidence which will eventually lead to the legal arrest of the hackers. The person who delivers the message will receive the money in BNB.

The information has to be provided to the bounty page of Binance. The local law enforcement agencies and Binance have even agreed to keep the provider’s information anonymous. If the legal arrest is caused due to multiple segments of data then the bounty will be split amongst all the people who provided the information.

CZ, along with the bounty tweet on Twitter says,

“I would also like to request all of our angels to help translate the bounty announcement into other languages. Let’s find these bad players, wherever they are in the world.”

Doug Crane, a Twitterati says,

“CZ… always thinking outside the box and on a mission to better our community… offense is the best defense… Go get em’ CZ! Attack the attackers before they can attack! I love it!”

NingaCrypt0, a Bitcoin investor on Twitter says,



“That’s the right idea, love the offensive mindest.”

Samuel, a Blockchain Enthusiast says,

“Whilst offense might be the best defense. Relentless hunt for these hackers will be draining since new one will spawn and replace old ones. Best focus on core mission.”

The exchange platform has even invited other exchanges and crypto business to join the initiative.





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Satish Kumar is a contributing reporter for AMBCrypto. He is currently pursuing BBA from Ranchi University. Over the past couple of months, he has prepared marketing campaigns, technical news articles and wrote content for some exciting blockchain-backed projects.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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