Binance $6.34 Billion Hack: Five-Month Attack Campaign Revealed

Binance reports a $6.34 billion theft: the hacker campaign lasted five months

Binance has made public a detailed incident report regarding the cryptocurrency theft that occurred on October 29, for a total amount of $6.34 billion. According to the platform, the attack was not an isolated event but the culmination of a five-month campaign, which began in June with the infiltration of malware into a software installer and continued with false recruitment operations.

Why it matters

The episode highlights how internal artificial intelligence tools within companies can become vectors for attacks if not adequately protected. Binance Co-CEO Richard Teng explained that the report is being published so that the lessons learned extend beyond the single company. The attack exploited a compromised corporate computer and an internal AI tool to gain access to two engineers responsible for wallet infrastructure. The CFTC, through its chair Michael Selig, commented that the hack demonstrates the need for a federal registration pathway for offshore exchanges.

The numbers

Data provided by Bitcoin Magazine and CryptoSlate shows that Binance managed to freeze or intercept $2.85 billion of the stolen assets. The platform reimbursed 98% of the affected tokens using its own funds. Among the cryptocurrencies taken are 18,270 BTC, 233.46 million XRP, and 970,500 SOL. In the 46 hours following the resumption of withdrawals, customers made withdrawals totaling $10.97 billion, with net outflows amounting to $5.28 billion.

What remains unclear

The report cites FBI conclusions attributing the attack to North Korea, but Binance refrains from making its own direct attribution. Pyongyang rejected the accusation, calling it a “serious political provocation.” Furthermore, the independent security review has not yet established the full extent of the weaknesses that allowed attackers to exploit the internal AI environment. It has not been confirmed whether an AI model autonomously planned or executed the theft; the tools were exploited as part of a broader campaign driven by human actors.

Sources: Cointelegraph, Bitcoin Magazine, CryptoSlate.

For more updates, read the other crypto and finance news; on the same topic also «Mercado Bitcoin: withdrawals suspended after $40 million theft» and the latest HWReady news.

This article is for informational purposes only and does not constitute financial advice or an investment recommendation.

* Content created with the assistance of artificial intelligence systems.