Binance says hackers who stole billions in crypto spent months planning heist
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Binance reported that sophisticated hackers, attributed to North Korean actors under the name TraderTraitor, spent months planning a heist targeting $6.34 billion in cryptocurrency. The campaign began as early as June with compromised internal tools and escalated through social engineering tactics like fake job interviews. Attackers successfully infected engineer laptops with novel malware that evaded endpoint security protections. By October, they leveraged stolen credentials and an internal AI tool to compromise additional devices and access wallet infrastructure. The thieves utilized Ethereum’s EIP-7702 authorization mechanism to bypass normal withdrawal processes and move assets independently of Binance's controls. Although Binance froze or intercepted $2.85 billion of the targeted funds, the remaining amount was laundered across blockchain networks using complex methods. This incident represents the largest sum ever targeted in a cryptocurrency theft, prompting Binance to set aside funds to cover the losses.
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