Cryptocurrency News Today: Binance offering up to $290,000 bounty to catch cryptocurrency KYC extortionist

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Cryptocurrency News Today: Binance offering up to $290,000 bounty to catch cryptocurrency KYC extortionist

It’s never a dull day in the world of Cryptocurrency, and today is no different.

Over the past few hours an unknown individual has been terrorizing Cryptocurrency exchange Binance and its users by attempting to extort 300 Bitcoin (nearly $3.5 million) out of the business. The exchange is also giving a reward of up to 25 BTC ($290,000) to anyone that can help catch the miscreant.

According to an announcement from Binance, – released less than 2 hours ago – the individual claims to posses 10,000 “selfie” images that hold some similarities to the exchanges know-your-customer (KYC) data.

It seems that hundreds of the alleged KYC images have been leaked to Telegram.

https://twitter.com/AndyGST1/status/1158983746890153986

Binance‘s CEO, Changpeng Zhao, tweeted shortly after saying the “KYC leak” was FUD (fear, uncertainty, doubt), a strategy used to damage the reputation of Cryptocurrency businesses.

Don’t fall into the “KYC leak” FUD. We are investigating, will update shortly.

— CZ Binance (@cz_binance) August 7, 2019

But, Binance certainly isn’t taking the accusations lightly.

The exchange has already attempted to work with the extortionist to resolve the situation. However, the unknown individual is “refusing to cooperate and [is] continuing

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