• The criminal mind

    Ace book reviewer Ian Mann takes a look at what causes someone to commit a white-collar crime.

  • Lessons from Zuma

    It is hard to find silver linings in the ex-president's nine-year storm, says Khulekani Magubane.

  • Love him - but watch him

    Ramaphosa has good intentions but is surrounded by shady characters, says Solly Moeng.


Crypto exchange offers a $250 000 bounty for hacker tip-offs

Mar 12 2018 11:21
Benjamin Robertson, Bloomberg

Hong Kong - One of the world’s biggest cryptocurrency exchanges is going on the offensive to deter hacking attempts that have plagued the industry.

Binance, founded by Zhao Changpeng, is offering the equivalent of $250 000 (paid in cryptocurrency) for information that leads to the arrest of hackers who targeted the venue last week, it said in a statement on Sunday.

The exchange has set aside $10m for future bounties and is encouraging other platforms to do the same, it said.

Binance disclosed last week that it had been the target of a “large-scale phishing and stealing attempt”. While the exchange said “all funds are safe”, Binance noted that it was unable to reverse some trades from accounts targeted by the hackers.

As prices of digital assets have soared, the platforms that trade them have become increasingly juicy targets for cyber thieves. Hackers stole tokens worth about $700m from venues in Japan and Italy since the start of this year.

The robberies have added pressure on both exchanges and regulators to do more to protect investors.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

binance  |  ict  |  cybercrime  |  tech  |  hacking  |  cryptocurrencies


Company Snapshot

We're talking about: #LISTERIOSIS

Minister of Health Aaron Motsoaledi has announced that processed meat was the source of South Africa’s latest and worst listeriosis outbreak on record.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you buy the Blackberry KEYOne?

Previous results · Suggest a vote