Not FUD! Binance Offers 25BTC to Find Alleged KYC Data Hacker

Binance KYC data hack

Leading cryptocurrency exchange, Binance has offered to pay 25 BTC (appr. $286,800) to anyone who can provide relevant information to leads the firm to a hacker who allegedly stole KYC data from their platform.

Binance made the offer in a statement regarding the alleged KYC-data theft which was first posted on Twitter by a series of users. The claims are that the hacker has access to hundreds of KYC selfies which Binance requires to confirm the identity of their users.

The hacker supposedly released these pictures in a Telegram group and has since then contacted Binance to pay him 300BTC (appr. $3.5 million) in exchange to stop spreading the information.

Binance on its part said that there are inconsistencies when comparing the leaked data to what they have on their system, and also no current evidence indicates that any KYC images have been obtained from Binance.

“These images do not contain the digital watermark imprinted by our system,” the statement read.

The exchange, however, confirmed that their security team is hard at work pursuing all possible leads in an attempt to identify the source of the images while also working with relevant local authorities to find whoever is perpetrating the crime.

The exchange is also investigating a third-party KYC vendor accused of a similar crime back in February 2018, but will not stop at that to end the ongoing crisis.

Depending on the relevance of the data supplied, Binance promised to offer a reward of up to 25 BTC to anyone who is able able to provide any information to help identify the person, while they pursue the individual through legal action.

Meanwhile, the current scenario represents another troublesome moment for the leading cryptocurrency exchange, following a 7000BTC hack that happened in April.

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