Binance cryptocurrency to starts offering a $250,000 Bounty for Hacker Tip-Offs

Hacking attacks in the cryptocurrency industry are starting to become a common occurrence and a nuisance. This has made one of the largest cryptocurrency exchange platforms, Binance to offer bounty tip-offs as attempts to curb the plague that is taking root in the industry.

The founder of Binance, Zhao Changpeng announced the exchange platform would be offering $250,000 in exchange for information leading to the capture of the hackers that attacked the platform last week. He added that Binance has also set aside $10 million to be given in future bounties and has advised that other exchanges follow suit.

The platform admitted that it was a target of “large-scale phishing and stealing attempt,” in the week that just ended and that “all funds were safe.” However, some of the trades could not be reversed due to the hacking attempts.

The reports of hacking have been widespread lately. Earlier in the year, Coincheck was victim to a hack attack where customers lost $530 million. It is the responsibility of the exchange platforms and the regulators to ensure that investor funds are safe.