About $6.3 billion left Binance wallets in roughly 20 minutes.
According to BeInCrypto, this happened on October 29, and the scale was more than four times that of the Bybit hack in February 2025. Binance’s own account was that the entry point was an engineer’s computer, which was infected after a fake job interview. Two days later, Binance announced that it had recovered 98%.
· What has been confirmed is the scale and timing of the outflow, along with Binance’s description of the entry point; the 98% recovery figure is Binance’s own account.
· The article, titled “Crypto Exchange Hacks, and the Conclusions You Shouldn’t Draw from Them,” reminds readers not to extrapolate from a single incident to reach general conclusions.
When looking at incidents like this, would you first trace where the funds went, or look at the recovery rate reported by the exchange?
$BTC $ETH
According to BeInCrypto, this happened on October 29, and the scale was more than four times that of the Bybit hack in February 2025. Binance’s own account was that the entry point was an engineer’s computer, which was infected after a fake job interview. Two days later, Binance announced that it had recovered 98%.
· What has been confirmed is the scale and timing of the outflow, along with Binance’s description of the entry point; the 98% recovery figure is Binance’s own account.
· The article, titled “Crypto Exchange Hacks, and the Conclusions You Shouldn’t Draw from Them,” reminds readers not to extrapolate from a single incident to reach general conclusions.
When looking at incidents like this, would you first trace where the funds went, or look at the recovery rate reported by the exchange?
$BTC $ETH
