Having launched the Binance Hacker Bounty (equivalent to $250,000 USD) a little over a week ago, Monday saw the recently targeted cryptocurrency exchange provide the community with an update on the progress of their generous bounty offering.
Whilst the March 7 cyber attack was ultimately unsuccessful, Binance soon after revealed how they can no longer afford to “simply play defense;” always having to react to hacks as they arrive, rather than proactively monitoring potential threats.
In an effort “to actively prevent any instances of hacking before they occur,” Binance chose to offer a bounty “to anyone who supplies information that leads to the legal arrest of the hackers” behind the March 7 incident.
Some eight days later, and Binance today shared that, on the back of launching the Binance Hacker Bounty, they’ve managed to gather “a lot of information regarding this event,” some of which they believed the public would benefit from knowing.
One such piece of information that the industry-leading cryptocurrency exchange disclosed was a(n) (incomplete) list of over one hundred known fraudulent web domains that have been associated with the very phishing schemes that preceded the unsuccessful “large-scale attempt to manipulate and steal funds on Binance.”
Further, the update stated that “there have been two common names amongst the registrants of these types of domains.” Upon closer inspection, Binance declared that “it is safe to assume that the attacker(s) may reside in Eastern Europe.”
Regarding any breakthroughs in terms of identifying the perpetrator(s), Binance reported that “given the scale of the operation, we believe this may be the work of a group rather than an individual.”
Binance, a cryptocurrency exchange now responsible for over eight million registered users, thanked those who had contributed information to the Binance Hacker Bounty initiative thus far, adding that they “look forward to continuing to work with [their] community to bring the culprit(s) to justice.”
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