The largest cryptocurrency exchange, Binance, now has $10 million set aside in cryptocurrency reserves for bounties to catch hackers. This offensive strategy stems from a failed hacking attempt on March 7, when a large-scale phishing scam culminated in hackers almost stealing millions of dollars in cryptocurrency.
For that hack attempt alone, Binance is offering a $250,000 equivalent bounty to the first person to supply any information leading to the arrest of the individuals involved. Binance also said that all funds are safe from that hack attempt.
"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," said Binance in a blog post Sunday.