Hong Kong-based cryptocurrency exchange offers US$250,000 bounty for hacker tip-offs
Binance, one of the world’s biggest cryptocurrency exchanges, is encouraging other platforms to also put up a bounty to deter cyber thieves from targeting the industry
One of the world’s biggest cryptocurrency exchanges is going on the offensive to deter hacking attempts that have plagued the industry.
Hong Kong-based Binance, founded by Zhao Changpeng, is offering the equivalent of a US$250,000 bounty – paid in cryptocurrency – for information that leads to the arrest of hackers who targeted the venue last week, it said in a statement on Sunday.
The exchange has set aside US$10 million for future bounties and is encouraging other platforms to do the same, it said.
As prices of digital assets have soared, the platforms that trade them have become increasingly juicy targets for cyber thieves.
Hackers stole tokens worth about US$700 million from venues in Japan and Italy since the start of this year.