US — Ars Technica
Binance says hackers who stole billions in crypto spent months planning heist
Security1 min read
Crypto exchange Binance says hackers spent months planning a theft that targeted $6.34 billion in digital money. The FBI and a security firm blame North Korean hackers.
What happened
Binance said the hackers spent months on the theft. They used tricks that fool people, plus new kinds of harmful software. The attack first targeted $6.34 billion in crypto held in Binance wallets. Binance has frozen or stopped $2.85 billion of it so far. The company says it has set aside money to cover the rest of the loss.
Key numbers
- $6.34 billion: the amount first targeted, the biggest sum ever targeted in a crypto theft
- $2.85 billion: the part Binance has frozen or intercepted
- June: the earliest the attack likely started, when an engineer downloaded a tampered version of Homebrew
- Last Thursday: the day the hackers broke into an engineer's laptop and moved assets out of several wallets
How the attack worked
Binance says this was not a simple attack. The hackers used fake job interviews to trick people. They also used harmful downloads and broke into a company computer. Binance called it a multi-stage plan, meaning many steps over time. The hackers got details about which engineers worked on Binance's wallet systems, and that helped them.
Why it matters
This shows that even big, well-known crypto companies can be attacked in careful, slow ways. Stolen crypto is hard to get back. The case also shows how some groups may use hacking to raise money, according to the FBI and TRM Security.
What to watch
- How much of the $6.34 billion Binance can freeze or get back
- Whether Binance's Proof of Reserves page shows the funds set aside to cover losses
- Final findings from the FBI and TRM Security on who was behind the attack
- Any changes Binance makes to protect engineers and wallet systems
Glossary
- Binance
- A large crypto exchange, a website where people buy, sell and hold digital money.
- Homebrew
- A free tool that installs extra software on Apple computers; here, a fake copy was used to spread malware.
- Proof of Reserves
- A public check that shows a crypto company holds the money it says it holds.
- TRM Security
- A firm that tracks crypto crime and helps investigate thefts.