Cryptocurrency-robbers catchers to be rewarded in Binance | Token Spoken
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Cryptocurrency-robbers catchers to be rewarded in Binance

Binance, one of the world's largest cryptocurrency exchanges, was unsuccessfully cyber-robbed in March. On the track of the cryptocurrency-robbers, Binance announced that it would reward everyone that could be of help to trace the perpetrators $ 250,000 worth of cryptocurrency.

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Binance, one of the leading China-based digital exchanges with international operations, announced that it will reward those who will help catch the perpetrators of a cyber robbery attempt that took place on 7 March a crypto cash prize worth 250,000 US dollars. According to the announcement, this reward will be paid with Binnance’s own crypto-money BNB. In addition, Binance also announced that it has set aside a $ 10 million crypto-money reserve to deliver as reward in case of any future hack attempts.

Need for counter attack

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Binance stated ‘the need for counter attack’ as a reason for this approach. The company announced in its statement: “We cannot continue to play defense to ensure a secure crypto community. We must actively prevent the attacks before they happen. Although the attack on Binance failed on 7 March,it is clear that this was an organized effort. This needs to be avoided. ”

How did the attack take place?

The attack took place using a technique known as a ‘homograph attack’ which is about deceptive use of a character or characters at a website address. In this case, phishing messages tricked the users into entering their personal information into a fake Unicode domain that looked like binance.com.  The attack took place in just two minutes on 7 March.  The attackers performed a series of automated transactions involving cryptocurrencies Viocoin (VIA) and Bitcoin (BTC). Their ultimate goal was to empty a number of client accounts they had obtained through a phishing attack.

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Attackers who used specially made API keys for the attacked accounts instructed the accounts to sell BTC and buy VIA.  According to Binance, the attackers tried to sell VIA inside the 31 accounts they had prepared for the robbery and filled with VIA and tried to move it to BTC.

After the suspicious trading activity triggered the automated risk management system in the exchange market, these efforts were ultimately prevented, withdrawals were blocked and counterfeit transactions reversed. As a result, the attackers could not withdraw cash, and even worse for them, the money which they had deposited in the accounts for the plan remained in the account.

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