Binance gets tough with Hackers.
After being the subject of much ridicule and jest this past week for being hacked, Binance decides to fight back.
Binance CEO Changpeng Zhao mentioned this on twitter the other day:
“We have another move to fight back against (attempted) thieves, soon.”
(Source: ~~~ embed:972130214171107329) twitter metadata:Y3pfYmluYW5jZXx8aHR0cHM6Ly90d2l0dGVyLmNvbS9jel9iaW5hbmNlL3N0YXR1cy85NzIxMzAyMTQxNzExMDczMjkpfA== ~~~
It turns out he wasn't messing around!
In news out this morning, Binance has announced that they will be creating a $10 million fund, set up solely to be paid out to individuals that provide information that helps lead to the arrests of hackers.
This was a quote from the Binance CEO Changpeng Zhao outlining his plans:
“Binance has currently allocated the equivalent of $10,000,000 USD in crypto reserves for future bounty awards against any illegal hacking attempts on Binance. We have also invited other exchanges and crypto businesses to join our initiative. We welcome their participation at any time.”
(Source: https://www.bitsonline.com/binance-hacker-bounty/)
Awesome!
Nice to see the good guys fighting back!
However, it doesn't just stop there...
Binance also announced a bounty for the hacking that took place a few days ago.
The specifics can be seen below:
(Source: https://www.bitsonline.com/binance-hacker-bounty/)
If you have information leading to the arrests of the hackers from last week you could find yourself $250,000 USD richer!
I thought this quote from Changpeng Zhao summed up Binance's thoughts on this perfectly:
“As in a football match, you can’t just play defense.”
(Source: https://www.bitsonline.com/binance-hacker-bounty/)
A little offense is needed indeed.
Stay informed my friends.
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Sounds like a great response. Hope all other exchanges get on the bandwagon 🚓 👮♀️ 🚓
This is definitely one way to tackle the scourge of exchange hackers, but I'm afraid anyone clever enough to engineer these complex attack is also clever enough to cover their tracks.
Obscuring the trail of money with monero and decentralized exchanges is trivial at this point!
Secondly, I think it's within the realm of possibility that many of the biggest bitcoin exchange heists are state-sponsored, so these bounties won't do much in those cases.
$250,000 Paid in BNB to the persons that catch the crooks.
Wait a second, that brings a great idea! A coin in which the Proof-of-Work based on how many crypto crooks brought to justice! What? I blew my own mind!
Haha yes, that would be something.
BNB is an iffy token whose price is probably maintained by low suppy due to Binance's hold of a substantial chunk of the tokens.
Binance paying bounties with BNB is a way for them to cash in on their BNB holdings without directly increasing the supply of the token in the market.
Whoever receives the $250k worth of BNB might end up with less than $250k when they try selling all at once.
Very good point. Perhaps Binance will buy their own coin instead of increasing the supply. Binance buying power is downright retarded.
That sounds like a great potential solution to help keep the hackers more at bay. It will be interesting to see if anything comes of it. Thanks for the post!
Yes it will be interesting to see how well it works, but hey at least it is something :)
For sure! I wish I had the knowhow to find the hackers...
What? Yeh, id be reporting. 10M fuk ill sell my friend .. lol..
*sell out
Snitch!;)
Hacking attempts are not good but I think this way of dealing with that will help a lot. It seems like the google's bounty program for hackers if you find any loophole in there system and report to them. That has helped a lot so let's hope for the best for Binance.
Yeah i agree!
Sounds like a good effort to combat the criminals.
Sounds like a good start however it’s unlikely that the hackers are accessible to be arrested.
Hacking is the one scary thing about crypto then probably the govt
Frightening as a security measure? LOL that ain't gonna work.
Might as well leave all your systems with default passwords and threaten anyone who access them.
The way binance handled the hole situation really amazed me, they really showed how prepared and serious they are!
Wow looks like they take their hacks more seriously than any exchange.
Thats a lot of money...
Big inspirations for the nerdy bounty hunters...
Good to see Binance taking this seriously...
Wow! That is a huge bounty! Hackers, beware :)
Actually They have to offer to ensure the safety.. World is changing
Instead for giving bounty against Bin Laden it given for hacker's information.
But Now this also time to Consider Hardware Wallet instead of Digital Ones.
I absolutely love bianace and how they are. I believe they will stay on top for a long time
Happy Sunday and good rest, thanks for the information, I voted and I continue
Disclaimer: I am just a bot trying to be helpful.
A very good story I really like the same story
well binanec post keep it up.....thanks for shareing
great post @jrcornel i like your post to much. it's really good post thnaks for sharing good post
It seems to me very well that the exchange platforms begin to work to count the actions of the hakers. A very good measure is to penalize the actions of these malvivientes.
The constant hakeos not only affects the platform, it indirectly affects all the investors of the cryptocurrencies, as we know the news of fraud inpactane negatively in the quotes of the virtual moedas
Thank you very much dear friend @jrcornel for sharing this information
I wish you a beautiful Sunday
it was really story i like it must more...
thanks for shareing...
Great approach and glad that an important exchange like Binance is doing this. However, we should all never forget to be the first in protecting ourselves from hackers. Careful when navigating the waters in this space.
steady, steemit will soon dominate the world of blockchain
@jrcornel
Heard the news earlier today. Atleast Binance is pretty serious about the hack attempt and that's really positive news and shows a sense of responsibility too, laudable for a very recent exchange.
PS: Also, good to know that Binace was able to withstand a serious hack attempt - it was obviously serious or else they wouldn't have announced such a big bounty.
This will be a approach and a tough fightback from Binance !
Hope it all works out in their favor resulting a person getting that amount ;)
Hackers here comes Binance ;)
Very nice story I like this
thanks for the update... great post
Thank God someone is going to take this initiative though it is Binance
when steemit is going to take such initiative a big question is this because my previous id hacked by someone 😢😢 bloody cheapster😢😢
Arresting the hackers is no guarantee that the cryptocurrency will be recovered.
It also does not completely deter other hackers. Thieves will steal when given the opportunity and centralized exchanges offer them that opportunity.
Binance and other centralized exchanges should be working on how to decentralize the holdings so that only the traders control their cryptocurrency. The centralized exchanges can still continue to earn trading fees as decentralized exchange also earn trading fees.
#OpenLedger and #EtherDelta as decentralized exchanges have managed to distribute security vulnerabilities and discourage hacking to some extent. The centralized exchanges should emulate that but also maintain the fast transaction speeds, adequate liquidity and simple user experience. These are issues that trouble the decentralized exchanges.
Funny thing is that as long as exchanges require login or any kind of identity verification, they inherently need to store enough information that also allows hackers to gain access to the funds stored in the exchange, even if the funds are stored in multiple isolated wallets per currency. They can't scatter the stored data to several servers because that would slow down the trading to halt on high load. Most secure exchanges use two wallets, one for deposits and another for withdrawals... The wallet for deposits is drained whenever it hits certain limit and the funds are moved to the second wallet that is kept completely offline until someone wants to withdraw coins and kept online for only minimum time to submit the transaction to blockchain. This implies hacking the withdrawal wallet requires immediate access to the offline servers that contain the wallet and knowledge of the wallet password that is stored in secure location outside of the server room. It's still possible to hack the deposit wallet because it must be online all the time, but contain only fraction of the total funds for that currency at any moment.
Like this post @ jrcornel
Crypto. The digital Wild West.
Is Binance still claiming that no money was actually stolen?
Binance is an excellent exchange and has an amazing future ahead of it. They have come so far as a market leader a d this proves it. Not a bad place to leave some of your trading coins. And they support system!
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Thanks for this info!
If you really think about it, this is great Binance PR.
They never have to shell out a dime; yet, they have gotten the attention of newcomers, by showing that they're not only one step ahead of the hackers (by thwarting an attempt); BUT, they are willing to pay top dollar to catch the would-be thieves.
Most people only care what would happen to their coins if the system was hacked. Are they guaranteed up to $250K as in US banks. Prolly not, considering exchanges are not banks.
Worth extending...exchanges are for exchanging assets. They are not a Wallet.
This reminds me: Open Ledger is both an exchange and a wallet. I hope this dex can really gain attention and get more valuable assets. A lot of work is going into it, and I perceive it will be a competitor with the big exchanges eventually...hope so any way.
Best regards.
Peace.
WoW, that should make someone sing like a canary and hackers can't help but brag.
I'm sure it's too late for whomever did it to stop boasting to those closest to them.
I like the idea to join up with other exchanges to create a fund for this!
@jrcornel even half million is lifechanging for me. How I wish.
Great to see that binance is not letting any opportunity missed they have been hard at work since the beginning
CZ showing them why Binance is not to be trifled with, so far they have handled any issues with their exchange exceptionally well
It's amazing how people think they can get away with thievery in this day and age!