exchange

Binance Announces Decentralized Exchange, Bounty On Hacker

Submitted by Seth Goldfarb on Wed, 03/14/2018 - 17:15
03/14/2018
Binance Announces Decentralized Exchange, Bounty On Hacker

Binance, one of the world’s largest digital asset exchanges by trading volume, will be launching a decentralized exchange called Binance Chain. In their announcement, the company expressed their belief that the future will have a place for both centralized and decentralized exchanges and their intention to improve the trading experience for users of decentralized exchanged. Binance Coin (BNB), the native token on the Binance platform offering discounted trading fees, will be transferred to its own blockchain and incorporated for use on Binance Chain in addition to Binance.

The exchange also announced a bounty of $250,000 for information leading to the lawful arrest of the individual or individuals responsible for the hack that disrupted trading on March 7th. A phishing scheme allowed the hackers to collect login information from unsuspecting victims who saw their accounts drained to purchase VIA/BTC while other accounts created by the attackers sold pre-purchased VIA/BTC at the top of the market. Binance’s risk management system caught the irregular trades and temporarily closed withdrawals on the platform. Engineers then successfully managed to reverse the illicit trades, returning funds to users while keeping the funds pre-purchased by the hackers.

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Why on Earth Do People Use Bitcoin?

Abstract
Bitcoin is making near-daily headlines, whether about its volatile exchange rate, the regulatory issues is raises, or its criminal associations. As the public becomes familiar with the idea of virtual currencies, many people struggle to understand why users exchange government-backed (“real”) currencies for Bitcoin. This paper explores the appeal and danger of investing in Bitcoin for speculative gain, for moral purposes, for its spending power, and for its criminal applications.