Binance paid $200,000 for help in catching the hackers behind the March 2018 breach

The cryptocurrency exchange Binance paid $200,000 to a group of investigators for help in catching the hackers behind the March 2018 breach. Representatives of Binance told ForkLog.

At the time, victims of unauthorized transactions were users who used API keys to synchronize with trading bots. The attackers obtained their data through a phishing version of the Binance site, the exchange said.

Soon after the attack, Binance announced a $250,000 reward for information about the hackers. The platform also pledged $10 million to help prevent similar incidents.

“In the same month, the investigative group presented a detailed report on the identity of one of the hackers and the details of the attack,” the exchange said.

The authorities suspect two individuals of organizing the attack. According to Binance, the U.S. Department of Justice has charged them.

For helping to catch the hackers, Binance paid $200,000. The remaining $50,000 will be handed over after their arrest.

Binance’s representatives noted that the exchange’s security team is continually working to prevent threats in the cryptocurrency space.

In September 2019, Binance helped London’s police in the investigation of a £41.6m ($51.2m) fraud. In August 2020, the Cyberpolice Department of Ukraine noted the exchange’s help in catching three individuals involved in laundering $42 million through cryptocurrencies.

In November, Binance’s security team said it had recovered $345,000 stolen from Wine Swap users.

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