A Hong Kong-based cryptocurrency exchange that encountered hackers last week has vowed to truck down the people who manipulated the incidence. Binance has offered a total of $10,000 million for anyone who will help capture the hackers and any other unscrupulous attackers with $250,000 for anyone who will offer information that leads to the prosecution of the previous viacoin pump and dump perpetrators. After mitigating the attack, Binance has now announced its intentions to go after the attackers and it’s engaging the public for any help.
In an attempt to hack the company’s system, the attackers pumped the price of the viacoin by using fake Binance accounts. The intended plan was to trade the crypto at the top and to earn cash out faster in the Bitcoin before the scam could be halted. However, the hackers didn’t manage to get away with the filthy deal and instead, they lost their cash in the process after the firm halted the withdrawals and reversed the fraudulent trades.
The company is offering the reward for anyone who supplies the relevant information and leads to the hackers, which would be paid out in the exchange’s local BNB token. Binance has vowed to deter hacking attempts that have afflicted the cryptocurrency industry for a long time. The exchange has also set aside about $10 million for future bounties and has encouraged others to follow suit to save their own industry.
The company also disclosed that it has been a target of the large-scale phishing and stealing attempts for a while and though all the funds are safe, the firm revealed that it’s in the process of reversing some trades from the hackers’ accounts.
As the crypto prices continue to soar, the exchanges that trade in them have become the most targets for the cybercriminals. For instance, in other incidences this year, hackers made away with tokens worth almost $700 million from Japan and Italy exchanges. The exchanges and regulators are now under pressure to protect investors by putting various measures to curb such scenarios.