Lying low for 8 weeks before making a move—is this a hacker or someone who started their job early?
Security firm Security Alliance estimates that the attackers had been lurking for about 8 weeks before stealing approximately $6.34 billion in assets from Binance on October 29, using the same multi-stage intrusion tactics as in the roughly $388 million Bitget theft. The outlook is bearish, with the negative impact concentrated on Binance and BNB; there is no direct pricing impact on major assets such as BTC and ETH.
An 8-week period of concealment means the attackers had time to scout the target, move laterally, and transfer funds in batches, rather than simply exploiting a single vulnerability in an instant. The same tactics succeeding against major targets in succession suggest that attacks targeting exchanges’ internal controls, private-key custody, and withdrawal reviews have become highly industrialized. This is a tangible blow to trust in centralized custody.
Watch three things in the short term: whether Binance withdrawals surge, how promptly it publishes proof of reserves and its security review, and whether BNB can hold key support. Accelerating outflows alongside BNB losing support would signal that the confidence shock is still unfolding; transparent disclosures and funds remaining on the platform would gradually ease the panic. Among related assets, BNB is bearish, while sentiment toward BGB—which was hit using the same tactics as Bitget—is under pressure. BTC and ETH are neutral.
Source: Cointelegraph
Which matters more to you: a surge in withdrawals or the timing of proof-of-reserves disclosures?
Image 1: Hackers had been inside Binance for 8 weeks before the theft; attack methods share the same source as the Bitget heist · Image accompanying the source report
Image source: https://cointelegraph.com/news/binance-hackers-8-weeks-access-63b-exploit-security-alliance?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound
Security firm Security Alliance estimates that the attackers had been lurking for about 8 weeks before stealing approximately $6.34 billion in assets from Binance on October 29, using the same multi-stage intrusion tactics as in the roughly $388 million Bitget theft. The outlook is bearish, with the negative impact concentrated on Binance and BNB; there is no direct pricing impact on major assets such as BTC and ETH.
An 8-week period of concealment means the attackers had time to scout the target, move laterally, and transfer funds in batches, rather than simply exploiting a single vulnerability in an instant. The same tactics succeeding against major targets in succession suggest that attacks targeting exchanges’ internal controls, private-key custody, and withdrawal reviews have become highly industrialized. This is a tangible blow to trust in centralized custody.
Watch three things in the short term: whether Binance withdrawals surge, how promptly it publishes proof of reserves and its security review, and whether BNB can hold key support. Accelerating outflows alongside BNB losing support would signal that the confidence shock is still unfolding; transparent disclosures and funds remaining on the platform would gradually ease the panic. Among related assets, BNB is bearish, while sentiment toward BGB—which was hit using the same tactics as Bitget—is under pressure. BTC and ETH are neutral.
Source: Cointelegraph
Which matters more to you: a surge in withdrawals or the timing of proof-of-reserves disclosures?
Image 1: Hackers had been inside Binance for 8 weeks before the theft; attack methods share the same source as the Bitget heist · Image accompanying the source report
Image source: https://cointelegraph.com/news/binance-hackers-8-weeks-access-63b-exploit-security-alliance?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound
