Because cryptocurrency and blockchain are tech-related, they constantly having to deal with the issue of hackers of both wallets, exchanges, computers and so on as this has led to the loss of hundreds of millions of dollars as well as the loss of privacy for crypto users. Many steps have been taken by various firms to ensure that hacks do not take place on their platforms such as the installation of hi-tech security, bounty programs and so on.
One of the latest steps have been taken by Binance, a cryptocurrency exchange who announced that they would be compensating the white hat hacker that was able to compromise their Binance Jersey internet domain name as well as their twitter account via a blog post from August 16, 2019.
White Hats to the Rescue
According to the official blog post, Binance Jersey explained that the white hat hacker was able to gain access to the official Twitter handle @binanceje as well as their domain name. After this took place, the company was able to get back control of their domain name within a few minutes as well as their Twitter handle in a few hours.
The hacker allegedly obtained access to these two profiles by social engineering their email domain name service provider and after this took place, the hacker posted a few tweets from the official account and deleted them. During the handover process, the hacker was fully cooperative with the company that allowed the quick recovery of their Twitter account and website.
“We were able to restore the domain name within a few minutes and the Twitter handle a couple of hours later. We will issue a security bug bounty to the white hat hacker, as well as investigate the incident further with our service provider. […] All funds on Binance.JE are safe. No data was compromised,” they said.
Another tweet was sent out through another by the hacker stating that Binance management should contact them personally and in a Tweet from the official @Binanceje account, the hacker tweeted that they could have turned the hacking of the profile into a huge phishing scam and scam millions of people but decided not to even though they are in need of money and hopes that the community will respect that decision.
It seems to have worked out for the hacker seeing as Binance has agreed to offer compensation.