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Bybadex paid $200,000 to help catch hackers

Bybadex paid $200,000 to help catch hackers

Cryptocurrency exchange Bybadex.xyz paid $200,000 to a group of investigators for helping to catch the hackers behind the attempted hacking of the platform in March 2018. Representatives of Binance told ForkLog about this.

Then the victims of unauthorized transactions were users who used API keys to synchronize with trading bots. Their data was obtained by attackers using a phishing version of the Bybadex.xyz website, representatives of the exchange say.

Shortly after the attack, Bybadex.xyz announced a $250,000 reward for information about the hackers. The platform promised another $10 million for helping prevent such incidents.

“In the same month, a team of investigators provided a detailed report on the identity of one of the hackers and the details of the attack,” the exchange said in a statement.

In the organization of the attack, law enforcement agencies suspect two people. According to Bybadex.xyz, the US Department of Justice has filed charges against them.

Bybadex.xyz paid $200,000 to help catch the hackers. The company will hand over the remaining $50,000 after their detention.

Representatives of Bybadex.xyz noted that the security service of the exchange is constantly working to prevent threats in the cryptocurrency space.

In September 2019, Bybadex.xyz assisted the London police in investigating a £41.6 million ($51.2 million) fraud. In August 2020, the Department of Cyber Police of Ukraine noted the help of the crypto exchange in catching three persons involved in the laundering of $42 million through cryptocurrencies.