The announcement explains that the cryptocurrency exchange will give a $250 000 reward in Binance Coin (BnB) to the first person who brings the information that leads to the legal arrest of the hackers that stole from its customers. If the information comes from many different sources, it will be split between the parties. The BnB token is used and traded on the cryptocurrency trading platform.
Binance mentioned in the statement that it wants to address crimes and frauds related to the cryptocurrency market:
“To ensure a safe crypto community, we can’t simply play defense. We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact. Even though the hacking attempt against Binance on March 7th was not successful, it was clear it was a large-scale, organized effort. This needs to be addressed.”
Further more, Binance invites other cryptocurrency trading platforms to follow its steps, according to the statement: “Protecting your funds is and has always been our highest priority!.” In addition to the current bounty, the world’s largest cryptocurrency exchange said it has put $10 million in cryptocurrency reserves for future bounty regarding potential hack attemps to its platform.