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· March 12, 2018 · 3:00 am

The attempted breach of Binance’s systems on March 7 sent a wave of fear through the crypto community. Binance is one of the world’s largest exchanges with over a billion dollars in daily trade volume. Many traders still leave a lot of their assets on the exchange so it is holding a very large pot at any one time which makes it a lucrative target, far bigger than any traditional bank.

The company has realized that, even though the attempted hack was thwarted, it needs to be a little more pro-active against organized threats. According to a recent company blog post, Binance wants to actively prevent any instances of hacking before they happen, as well as follow through after-the-fact should any future hacks occur.

Bounty Offered

The exchange has taken the unprecedented step of offering a bounty for any information leading to the apprehension of the hackers who attempted to infiltrate their systems last week;

Binance is 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 reward, payable in Binance’s own cryptocurrency, BNB, will be given to the first person to provide substantial information and evidence that leads to arrests - click here to read the rest of this article