If your plan was to continue to finance untraceable terrorism in the future, and to pay people off without ever being known, what would you do? Develop an untraceable currency… That is ultimately what cryptocurrencies are being used for. And that is why it will be heavily regulated in the near future.
Cryptocurrencies are essentially worthless if traceable, hackable, and regulated….
Last week an organized group of hackers compromised the user accounts of numerous investors utilizing the Binance cryptocurrency exchange. The hackers, who had positioned their end game for weeks in advance, were stopped when automated Binance security alerts triggered a full lockdown on withdrawals.
As Block Cubed reported following the attempted hack, Binance immediately moved to reverse the nefarious transactions and seize all funds in the accounts of the group responsible.
But Binance didn’t stop there.
The unregulated cryptocurrency space has been compared to the Wild West, where lawlessness, strong arm tactics and roving bands of criminals often took advantage of the innocent and unsuspecting. As such, Binance has taken it upon itself to ensure the security and integrity of its trading platform by doing what towns did back in the days of Billy the Kid – they’ve issued a reward for the capture of those responsible for the hack.
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.
Binance is offering a $250,000 USD equivalent bounty to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident on Binance on March 7th, 2018.
Source: Binance Hacker Bounty