Binance Says Hackers Used Well-Known Tricks to Carry Out a $6.34 Billion Heist
Wired · Matt Burgess ·
Suspected North Korean attackers duped an engineer with a fake job interview and a malicious download to gain a foothold in the crypto firm’s system and steal billions, according to Binance.
In a new security update issued on Tuesday, Binance detailed its initial findings into how the company was compromised and hackers were able to steal billions in just 20 minutes. The hack, according to Binance, was the result of an engineer falling for a fake job interview and downloading malicious software. The hackers were then able to move through the company’s network, exploit an internal AI tool, and gain access to a wallet signing service that allowed them to make transactions outside of normal withdrawal procedures.
“This should not have happened, and we apologize for the concern, disruption and uncertainty it caused our users, partners and the wider industry,” Binance wrote in its security update, where it also says it has set aside funds to cover the losses and has “rebuilt or replaced” internal systems impacted in the attack. “It was not a single isolated breach or a simple phishing incident,” the company says.
Although more than $6 billion was stolen from Binance accounts, almost half of this—where it was possible to do so—was frozen by parts of the cryptocurrency industry, meaning the hackers could not access the funds. However, that still leaves billions controlled by North Korea’s hackers, who have been trying to launder the stolen money into a form where it can be accessed and cashed out. That process could take months.