The Binance hack has emerged as the largest cryptocurrency heist in history, resulting in the theft of $6.3 billion (approx. 8.47 trillion won) from the world’s largest crypto exchange following a months-long campaign involving fake job interviews and malware.
According to Reuters on the 3rd (local time), Binance released its internal investigation results regarding the breach that occurred on October 29. The hackers reportedly infected employees’ computers and then exploited internal artificial intelligence (AI) tools to infiltrate the cryptocurrency wallet management system.
The attack began back in June when a Binance wallet development team member attempted to install an AI-related coding tool and inadvertently downloaded a modified program containing malicious code. Although the Binance security team detected the malware, replaced the employee’s computer, and changed access credentials, the hackers had already secured vital information regarding staff operations and the wallet management team.
In September, the attackers targeted another software engineer. Approaching through a legitimate job platform, they posed as representatives of a fake company and conducted a recruitment interview. The scheme even included a video interview featuring a fake Chief Executive Officer (CEO). Under the guise of completing a recruitment assignment, they tricked the employee into downloading malware.
Equipped with this access, the hackers expanded their reach into Binance’s internal systems. By October 20, using the compromised computers and internal AI tools, they accessed the operational systems of two crypto wallet developers. On October 29, they executed malicious scripts using one developer’s computer and credentials stolen from another, bypassing standard withdrawal approval procedures to siphon off approximately $6.3 billion in digital assets.
This incident is widely regarded as the largest cryptocurrency hack in history and potentially the largest financial theft of all time, surpassing traditional financial institution breaches. Binance announced that it has successfully frozen or blocked the movement of approximately $2.85 billion (approx. 3.8 trillion won) of the stolen assets. Furthermore, the company has covered roughly 98% of the stolen volume with its own funds, reiterating its commitment to ensuring customers bear no losses.
In response to the breach, Binance is rebuilding compromised systems, strengthening security audits, and increasing investments in AI-based anomaly detection technologies. The exchange also plans to undergo independent reviews by external security experts and help establish a security research fund with major AI corporations.
The U.S. Federal Bureau of Investigation (FBI) has pointed to the North Korea-linked hacking group ‘TraderTraitor’ as the mastermind behind the attack. However, North Korea has denied any involvement through a statement issued by Kim Yo-jong, Deputy Department Director of the Workers’ Party.
