- cross-posted to:
- technology@midwest.social
- cross-posted to:
- technology@midwest.social
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 $3 billion after stablecoin issuers froze what they could. Changpeng Zhao is promising Binance will cover it, but he’s legally barred from running the company.
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“Fuck banks and the government, i will get my money on this on never pay taxes again…”
Get your shitcoin robbed*
“Help government, i got robbed”
“¯_(ツ)_/¯”
stable coin
looks inside
the rug-pullest mf of them all
I mean its probably not a rug pull. Most likely its a coordinated state sponsored hacking group, like the Lazarus group, who would be my bet for the big winner of this.
I’m curious how much theyll walk away with in the end.
Valid point. At 3 bios I suspect insider involvement tho.
About tree fitty
It was about that time I noticed this “Lazarus Group” was about 8 STORIES TALL, and was a crustacean from the Paleolithic Era!
Doesn’t the title of the article once you tap the link say who did it? Yes, yes it does.
They changed the title of the article since I commented. I am pleased that my speculation was mostly correct however.
https://web.archive.org/web/20261030033426/https://www.citationneeded.news/binance-theft/
^ archive link showing that the title used to be “Attacker gets away with up to 3$ billion from Binance.”
Ahh makes sense
Or an inside job.
they should call it bitch-coin now
The stable coins are the only ones not stolen, since they have a centralized authority and could freeze the assets.
Wow. Is this the biggest heist ever? Apart from Trump’s presidential grift and the SpaceX IPO ofc.
I think Kushner turns around this amount before his morning coffee. This is amateur hour.
Two posts above is Musk taking 16B of taxpayer dollars.
Most heists are digital nowadays because most people neglect cybersecurity. But since we’re talking cybersecurity, that’s the next big sector to invest if you ask me, especially with threat of AI and quantum computers.
Excellent point, now we will just have to wait a while for the AI bubble to burst completely and hopefully pick up some undervalued stocks
now updated to $6.8B.
So much for blockchain security and free money.
$6.8B is the figure they stole, but since some of the assets got frozen they are only left with $3B they can use
only
Did they break the security of the blockchain or just hacked an application that stored it in a database?
They were able to recover a lot, so 3B is what they cannot recover.
Isn’t blockchain just a way to control the transactions? Why can’t they just reverse the transactions and essentially deny the theft?
A blockchain doesn’t actually provide control over a transaction, it just verifies that it happened. It’s supposed to be a long, immutable record of every transaction that has ever ocurred, which is precisely why transactions can’t be reversed. The work of verifying those transactions is performing by miners, or some other “proof of” design where you have an authority in the chain that confirms it.
Basically, it’s nothing more than a fancy receipt.
Something like this happened with Ethereium iirc and the coin split into two. One were the transaction was reverse and the OG one. But they were able to reverse the transaction because all the biggest holders decided to. Not sure if those coins stole from binance are as centralized as Ethereum was at that moment to be able to do it.
Because there is no centralized entity whom you can ask to do that, that’s the whole point. Only the change to the community controlled consensus - (most of miners, node runner, validators and users agreeing to it) can achieve that, but there is no interest in that as it would undermine one of the main principals of crypto currency and it’s cash like properties - transaction irreversibly.
Well if you did that, then crypto would cease to be useful as a criminal currency, wouldn’t it?
They had access to 6.8, Binance froze over 3 billion, and off chain partners froze other coins. They said 3 billion or less.
They had access to 6.8, Binance froze over 3 billion
So much for blockchain security and free money. You missed the point, this wasn’t supposed to be possible, bro.
they didn’t break into a blockchain, they broke into a website. blockchains are built on hashes, nobody’s reversing hashes no matter how much you dislike blockchains.
this wasn’t supposed to be possible, bro.
hacking into websites is actually totally possible, bro. get your facts straight, bro. you don’t know what you’re talking about at all, bro.
Most bockchains have a pretty good security, some guy you gave all your money to because he pinky promised to keep it safe not so much.
Just the normal crypto issues. Buy crypto, lose money.
Sharing is caring, this is good for bitcoin /s
It’s amazing that people store their life savings in other people’s wallets, lol
Isn’t that every bank?
Banks are well established at least.
Banks are backed by the government. That’s why people trust them.
People forgot why that is.
My bank has nice plush offices I can burn to the ground if they steal it.
Can’t wait to find out it was social engineering
Hey Binance, it’s your grandson, I’m in trouble and need you to go to target to get some gift cards
Do NOT redeem
I’m glad to no longer be in crypto. It gave me anxiety
You hear about the hardware crypto wallets with sim cards in them that read the pincode off the displays? That was a slick as shit supply chain attack:
The intial wallets discovered has crude wiring soldiered on, but later ones had custom black PCBs that looked very much like they were part of the wallets circuitry unless you knew exactly what you were looking for.
I really miss the old internet before paywalls were put up everywhere.
“Ledger is currently investigating serious allegations of tampering involving its hardware wallets sold through a Southeast Asian reseller, CryptoBilis. Reports indicate that this tampering has resulted in the theft of approximately $86 to $93 million in cryptocurrency from numerous wallets.” https://www.coindesk.com/business/2026/10/09/ledger-investigates-potential-wallet-tampering-after-reports-of-usd86-million-in-crypto-stolen
It turns out that watching people lose money to crypto is my kink.
Never let anyone shame you out of it.
Lotta comments here blaming the victims.
This was likely an instance of social engineering within Binance and nothing to do with the underlying securities, folks.
I read they got into a container from an old laptop. If true that’s one I.T. department about to get snapped.
Yeah it was a dev ops engineer’s laptop
Fucking lol. That’s where we’re at today in terms of development and cybersecurity 🤣
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.
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.
Thank you for explaining!
Sure thing. Have a nice Saturday!
Oh no! Anyway
just imagine the Reddit bitcoiners typing “not your keys, not your crypto” 😂
It’s literally true though. There’s a very easy way to never have to worry about being a part of these hacks, and that’s by never leaving anything in exchange wallets.
“your keys, not your keys”
Honestly, good for them.
I thought that too, until I learned it was North Korea. Probably not great that they acquired that much dark money.
Name one international this year that was worse
I’m happy to answer your question, but I don’t think I understand what you’re asking me. Can you clarify?
