North Korea gets away with $3 billion from Binance
www.citationneeded.news
Stablecoin issuers froze about $2.4 billion of the roughly $6.4 billion stolen. The rest exceeds Binance’s insurance fund, and the man promising to make users whole isn’t supposed to be running the company.

Article is by Molly White, who you might recognize from Mastodon and web3isgoinggreat.com:

https://hachyderm.io/@molly0xfff/117526961419935070

I wrote up what we know about the Binance hack so far. By my best estimate, Binance is out around $3 billion after stablecoin issuers froze what they could. Changpeng Zhao is promising Binance will cover it, but he’s legally barred from running the company.

  • Denfa@lemmy.worldEnglish
    2·
    1 day ago

    Are you saying Binance engineers always intended to trigger a steal? Because that’s exactly what I thought when I saw the headline but I’m not well informed about block-chain security.

    • FlashMobOfOne@lemmy.worldEnglish
      3·
      1 day ago

      No, I think someone obtained one of their employees’ credentials via social engineering. It’s not that hard to do, you just call someone and tell them you’re from IT and their password, or security key, or passkey or whatever is expiring and pretend to set them up with a new one or convince them to let you remote into their PC to make some kind of security update.

      That’s usually how it happens.