Symbolic imageBinance details months-long hack campaign as North Korea denies role
Binance says the record $6.3bn heist grew out of tampered software and fake job interviews months earlier. North Korea rejects the FBI's attribution.
In its report on Tuesday, Binance said an employee of its wallet developer team downloaded a tampered tool in June. In September, a job-seeking engineer was lured into an interview with the supposed chief executive of a fictitious company and downloaded a malicious code repository. On 20 October the attacker used that computer and an internal AI tool to take over the systems of two wallet developers. On Thursday, 29 October, a malicious script moved 233.46 million XRP out of five hot wallets in four minutes, and other withdrawals continued nearly four hours after the first theft.
Pyongyang rejects FBI blame
The FBI blamed North Korea on Saturday; Folha de S.Paulo reports it named the group TraderTraitor. Kim Yo-jong, sister of Kim Jong-un, called the claim "absurd rhetoric" via the state agency KCNA. The Financial Times reports the stolen funds are expected to take months to launder.
Outflows and recovery
Binance says $2.85bn of the $6.34bn drained was frozen or intercepted and that it is repaying affected customers. According to the company, net outflows reached $4.7bn by Monday morning, within expectations, with deposits rising again. Bloomberg reports Binance is losing market share to rivals.