The operation, Binance says, did not begin with a dramatic break-in. It began with patient probing of its wallet team in June, when an engineer downloaded a tampered version of a widely used software tool. The exchange says the campaign was more sophisticated and more deceptive than anything it had previously faced.¹

By September, the attackers had shifted to social engineering. Someone posing as a project director contacted a Binance software engineer through a job platform, then staged two interviews—including a video call with a purported human-resources representative. The final “assignment” sent to the employee’s work computer carried malicious code that Binance’s security tools did not detect.¹

On Oct. 20, according to Binance’s account, the hackers used the compromised machine and an internal AI tool to take control of two wallet-team engineers’ computers. One held permission to deploy software. Nine days later, that access opened a transaction-signing service, allowing the attackers to drain hot wallets—funds held for rapid withdrawals—over nearly four hours.¹

Binance’s own verdict was blunt: “This should not have happened.”¹ The company says simply halting withdrawals could not immediately stop the theft because the attackers had obtained access recorded on Ethereum itself, beyond Binance’s internal systems. Engineers had to devise a workaround while the assets were moving.¹

The FBI said Saturday that TraderTraitor, a North Korean hacking unit, carried out the attack; North Korea denied the allegation. Binance says it has blocked 57 other suspected North Korean hacking attempts this year, framing the episode as part of a sustained threat rather than a one-off failure.¹

By Tuesday, Binance said roughly $2.85 billion had been frozen or intercepted, 98% of affected tokens had been replenished, and customers would be reimbursed. It has rebuilt the affected systems, replaced compromised computers and plans an external security review—remedies that may reassure users, but cannot erase how one fraudulent job interview helped unlock a $6.3 billion loss.¹