Talk about playing offense.
The Chinese crypto exchange Binance faced an organized phishing attack last week that sent some of its users to a spoofed site where the hackers captured users credentials.
Now the company is fighting back with serious cash, or in this case, serious cryptocurrency bounties.
"The first person to supply substantial information and evidence that leads to the legal arrest of the hackers, in any jurisdiction, will receive the equivalent of $250,000 USD in BNB."
BNB is the company's parlance for Binance Coin.
And the $250,000 to catch the hacker or hacker groups is just the start.
"Furthermore, Binance has currently allocated the equivalent of $10,000,000 USD in crypto reserves for future bounty awards against any illegal hacking attempts on Binance. We have also invited other exchanges and crypto businesses to join our initiative," the company says.
In an industry rocked by hacks, stolen value from IPOs, and apologies from CEOs, Binance seems determined to build confidence in cryptocurrency.
"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."
A $10,000,000 bounty fund seems like follow through, doesn't it?