Last week, heaps of afraid cryptocurrency traders rushed to the Binance association on Reddit to report that their altcoins had aback been adapted to Bitcoin – after their accord and with no prior notification.

But thanks to its accomplished acknowledgment to all this chaos, the aggregation has come back from this massive mishap even stronger – and is now advertisement a $10 actor fund for future bounty awards and a $250,000 reward for any advice that leads to the arrest of the perpetrators of last week’s attack.

Before we get into why this is such a ablaze PR move, it’s worth accretion up last week’s failed hacking attempt.

Last Wednesday, the barter desk registered an almighty high trading action in the Viacoin/Bitcoin market.

Binance responded to the alert promptly, ultimately pinning down the issue as a anxiously accommodating phishing attack. “The hackers accumulated user annual accreditation over a long period of time,” the aggregation wrote in a arbitrary afterward the incident.

Many users fell for these traps and phishing attempts,” Binance explained in its assay of the attack. “After accepting these user accounts, the hacker then simply created a trading API key for each annual but took no added actions, until [March 7].”

The truly absorbing part is that Binance not only managed to thwart the attack, but it ultimately caused the hackers to lose funds.

Indeed, the hackers’ attack to abjure the adapted funds was impeded by the barter desk’s risk administration system.

“As withdrawals were already automatically disabled by our risk administration system, none of the withdrawals auspiciously went out,” the barter desk explained. “Not only did the hacker not steal any coins out, their own coins have also been withheld.”

But what is abnormally admirable is how candid the barter desk remained during the storm: customer abutment reps were actively responding to questions on Reddit and Telegram, and even CEO Changpeng Zhao took to Cheep to update users about the situation.

These efforts did not remain disregarded by the Binance users, who showered the barter desk with adulation for the way it handled the situation.

“Can we all take a minute to congratulate Binance on always being the best barter when it comes to accuracy and PR,” one post read, while other posters were thoroughly amused (and in awe)  by the fact that the hackers absolutely lost funds.

For those unfamiliar, such positivity appear barter desks is absolutely abnormal for Reddit, which is usually aloof for anger-infused rants about delayed abandonment requests and crappy chump service. But then again, it seems Binance’s access to accent the abundance of the user over the safety of their brand is also article aberrant in the blockchain space.

When abundant Coinbase users cried out they had aback accustomed assorted wrong accuse for past purchases, the barter desk gave it its best to deliver its public image in times of chaos. By contrast, Binance got its hands dirty right away and did not shy away from taking albatross for the mishap at any time.

It is absolutely this attitude which has helped the aggregation become one of the arch cryptocurrency barter desks in the short timeframe it has existed, since initially ablution back in July last year.

For the record, this is not the first time Binance has reacted appropriately to abstruse difficulties.

Earlier in February the barter desk abruptly abeyant all trading action on its platform, pissing off a bevy of users doing so. But admitting some outrage, the aggregation eventually owned up to its aberration and offered users a acting 70-percent abatement on all trading fees as an acknowledgment for the inconvenience.

Yesterday’s bounty hunter affairs advertisement is an addendum of the same angle to alleviative customers: It is not only a good chance to turn a abrogating bearings into a absolute one, but also an accomplished befalling to brainwash users on the abeyant harms of phishing and animate people to report such attacks before they’ve taken place.

In an industry flush with shifty PR and business tactics, this is absolutely an access that we can all acknowledge – and a accepted we hope Binance will abide to uphold in the future.

Meanwhile, anyone who has advice about the individuals behind last week’s attack can acquaintance the barter desk at

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