The crypto-verse has been exposed to several hacks and attacks. While many platforms like Binance and others parts of the industry have been striving to wipe the darknet association off the crypto sphere, the scams and hacks have overshadowed these efforts. However, by supporting the process of nabbing these criminals, Binance offered a huge reward to those who helped arrest those involved in the attack in March 2018. The Malta-based crypto exchange seems to have kept its promise.
Binance Gives $200K To Investigators For Revealing Suspects
The world’s largest cryptocurrency exchange was in troubled waters after a group of fraudsters acquired credentials of certain individuals by mirroring Binance. However, unlike Binance these websites were not legit. The fraudsters went on to use the acquired information to breach the Malta’-based exchange. While the exchange revealed that the attempts to hack the platform was unsuccessful, it announced a bounty on information pertaining to the hacker. In a recent blog post, the exchange affirmed the distribution of the bounty.
Pointing out the United States’ Department of Justice’s recent charges, the exchange declared that two people involved in the aforementioned case were identified and charged. The exchange’s security team had drafted the findings pertaining to the case and had passed it on to US law enforcement and had even been working with several agencies of the US to nab the suspects. Binance offered a total of $200,000 to private investigators who probed the case.
Binance further wrote,
“As a result of this cooperation, the culprits have been identified and sanctioned, and are currently being pursued. Though the suspects remain at large, we decided to award a 200,000 USD bounty to the investigators for their work, with the remaining 50,000 USD to be given once the attackers are in custody.”
The investigators involved in the case were not named, however, they reportedly helped to identify the attacker as well as the attack process. Both the attackers who carried out the case were from Russia. The attackers were known as Dimitrii Kamasavidi and Danil Potekhin, and the pair allegedly executed similar hacks on other prominent exchanges, such as Gemini, Bittrex, and Poloniex, which further resulted in losses of up to $17 million.