Binance's $6.3 billion hack began with a fake job interview, exchange says

Binance reported a $6.3 billion loss following a hack that occurred late last week. According to CoinDesk, North Korea-linked attackers spent months compromising internal systems and employees before exploiting the exchange's hot-wallet signing infrastructure via Ethereum’s EIP-7702 mechanism. Of the total loss, roughly $3 billion was frozen in transit while the remainder was covered by the company.

Following the incident, Binance temporarily suspended withdrawals to contain the loss, assess the impact, and perform security checks. When the exchange reopened to customers on Sunday, it experienced a massive outpouring of withdrawals, with $4.649 billion leaving the platform in less than 10 hours. PC Gamer reports that while total cashflow remained a net negative of -$5 billion by November 3, deposits had begun to increase to a level where they were no longer being significantly outpaced by withdrawals.

Brief written by urgent.news from CoinDesk, This Is Money, PC Gamer — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.