Earlier this month, the cryptocurrency world witnessed a large-scale attempt to manipulate and rob the Binance funds leading to a drastic drop in of prices in the global cryptocurrency market. The hack lasted for 2 minutes and Binance had managed to halt all withdrawals immediately, ensuring a failed hack attempt.

Binance had announced recently that anyone who would provide information leading to a legal arrest of the hackers would be rewarded with $250,000 bounty. They recently posted the progress of the hacker bounty on Twitter.

Binance’s tweet regarding the Hacker Bounty

They officially confirmed saying:

“As a reminder, we would like to confirm to the community that our system was not compromised during this event and no unauthorized data was accessed.”

Phishing has become very common and this attack was also an extended version of one of those regular attacks which targeted fraud reproductions of their websites to acquire user’s login details.

Binance has suspected this to be the work of an entire group and not some individual. They haven’t ruled out or assumed anything and they are trying every possible way to find out the perpetrator. They have got some additional information from the Binance Hacker Bounty.

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The Approach

The list of known fraud web domains involved in phishing activities will be looked into. These web domains are accused to be utilizing various search engine ad campaigns to attract unsuspecting users. Binance is not the only target; other centralized and decentralized exchange platforms are also victims of these hackers.

A few blockchains with suspicious VIA transactions have been identified which occurred just 1 or 2 hours prior to the incident. Further investigations revealed 31 additional transactions within 200 blocks with 4000 VIA each.

The team also quoted:

“The security of our users and their funds is, and always has been our highest priority. We look forward to continuing working with our community to bring the culprit(s) to justice.”

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A lot of supporters commented on forums of which few are:

Humanch says:

“We highly appreciate your efforts binance exchange in securing our funds. Keep up the good work!”

Benny commented:

“Keep up the good work Binance. Your swift actions instilled confidence. Hopefully, this helps prevent further attacks.”

Jayden remarks: