South Korea asks its biggest banks how a major crypto hack would hit them

The world's largest cryptocurrency exchange, Binance, disclosed that hackers stole a staggering $6.3 billion from its platform. The firm revealed that the hack was carried out through a complex, multi-stage campaign. Hackers gained access to Binance's systems using sophisticated techniques, including the compromise of engineers' computers and the exploitation of a compromised internal AI tool.

These techniques allowed the attackers to control two engineers' laptops and execute the final steps of the attack. The incident has been described as a "serious and highly sophisticated security incident" by Binance, which has since apologized for the disruption and uncertainty it caused. The company has taken several steps following the incident, including working with law enforcement to trace and freeze affected assets, setting aside over 100% of the funds needed to cover the loss, and replenishing 98% of the impacted token assets.

US crime agencies, including the FBI and Secret Service, are assisting Binance in tracing the stolen crypto. The hackers' use of social engineering techniques, such as phishing and fake job interviews, to gain access to engineers' computers is a significant aspect of the attack. One engineer was invited to bogus job interviews with fake company representatives, who then used advanced methods to build trust and trick him into downloading malware.

Binance suspects North Korea, specifically the North Korea's elite hackers known as the Lazarus Group, of orchestrating the hack, a claim the country has denied. In response to the attack, Binance plans to increase its investment in AI tools for threat detection, engage third-party cyber experts for a full-scale review, and establish a security research fund.