In the crypto community, security is a major problem that continues to be a factor of concern. Talking about the importance of addressing the unethical behavior and crimes in this industry, Binance stated that:

“To ensure a safe crypto community, we can’t simply play defense. We need to actively prevent any instances of hacking before they occur, as well as follow through after-the-fact. Even though the hacking attempt against Binance on March 7th was not successful, it was clear it was a large-scale, organized effort. This needs to be addressed.”

In addition to the bounty, the exchange reserved $10 million for future bounty awards. Binance has also invited other exchanges to do the same.

Source: https://coingape.com/binance-bounty-plan-to-prevent-hacking/