Binance’s hack attempt sent the Bitcoin and cryptocurrency prices tumbling down to new lows for that week. Bitcoin had just managed to breach the $11K mark and was poised to hit greater highs at $14k with the double top pattern.
48 hours after it was confirmed that money didn’t leave the exchange, the CEO of Binance, Changpeng Zhao announced a bounty of $250,000 for anyone who is able to provide to them strong evidence or lead that would enable them to arrest the hackers.
To scale this search effort and to spread the word far and wide, Binance, with the help of its followers decided to translate the bounty program into different languages. So far it is available in 13 different languages which include Arabic, Dutch, Finnish, Hindi, Italian, Portuguese, Spanish, Vietnamese, Korean, French, Norwegian, Turkish and German.
Binance also tweeted,
“Thanks to the effort from some of our helpful Binancians, we are able to provide a variety of translations for our Binance Hacker Bounty to help extend our reach. We will be tweeting each translation individually. Feel free to help spread the word by retweeting your language! :)”
A sum of $250,000 will be given to the first person who sends them a tip-off to [email protected], that could be used as evidence to arrest the culprits. They have also ensured anonymity to the sender providing the law of the country allows for it. They have also made provisions to divide up the sum in case information from multiple sources leads to the arrest of the hackers.
Not everyone thinks this is the best idea, Jack Cable had this to say:
“The opposite of a bug bounty program: put a bounty on the hackers themselves? Not quite sure why @binance_2017 doesn’t instead allocate funds towards a bug bounty program, acting proactively rather than retroactively.”
This is Binance’s first step towards an attempt to combat illegal hacking attempts, they have decided to allocate a sum of $10,000,000 to fighting hacking attacks in the future and have also urged other exchanges and cryptocurrency related businesses to join forces with them to keep their user’s investment safe and secure.