Cryptocurrency

A Safe Bet: Bitcoin Exchange Binance Holds SAFU Hackathon

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The Bitcoin exchange Binance announces the SAFU Hackathon. In the coming year, IT specialists will have to hack for 32 hours. The focus of the competition is on closing or preventing security gaps. The winners will be rewarded with six-figure prize money.

Binance never tires of preparing the world for the upcoming adaptation of crypto currencies. Only recently, the Bitcoin exchange introduced the possibility of trading crypto currencies with several trading accounts. The declared aim is that institutional investors and with them more capital should flow into the crypto market.

Make Crypto SAFU (again)

Now the stock exchange around CEO Changpeng Zhao is devoting itself to the next big crypto construction site: security. The company’s intention here is to ensure and improve the internal technical security of the exchange. Under the title “Query Platform for Address Security: Is the transaction address you are sending your crypto to SAFU?”, 100 developers will meet in Singapore on January 19 and 20 to improve the technological security of the exchange.

Build for more security in the Bitcoin sector

The hackathon is organized by Binance and “Tribe Selector”, a state blockchain organization. The official announcement states that the BUIDL platform will be set up to increase security in the crypto sector:

“Binance SAFU Hackathon calls on all #BUIDLers in the world to join us in visiting BUIDL, an open platform that fights against fraud, hacks and money laundering to protect our users.
We hope that this will create a community and culture that collects information about fraudsters, hackers, money launderers or suspicious activities and makes the crypto community a safer place.”

The Crypto Exchange also promises winners an attractive reward. With a total of USD 100,000 in the form of the exchange’s own Binance token, this also provides a financial incentive.

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About the author

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.