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Binance's chief financial officer has left the company, a week after the exchange suffered a $6.3 billion hack. Co-CEO Yi He told Bloomberg the leadership transition had been planned over the past six months and was unrelated to the security breach.
Following a major hack affecting Binance, insurers covering crypto assets are likely to tighten policy language and strengthen security reviews, according to Reuters. The insurers may also add new exclusions to their coverage terms in response to the breach.
A former FBI agent admitted to stealing approximately $2.47 million in cryptocurrency that belonged to crime victims and nation-state targets under investigation. He used the stolen funds to pay off personal debts and was reportedly planning a retirement move to Portugal, consulting ChatGPT for assistance with those plans.
Donald Trump's official memecoin fell to an all-time low of $1.12 following the US midterm elections, down from $1.70 beforehand and roughly $2.00 a month earlier. The coin's market cap, which once peaked at $72 billion, has shrunk to around $340 million, leaving many of the nearly one million holders sitting on steep losses.
World Liberty Financial, the crypto venture linked to Donald Trump, said it will buy back its WLFI governance token after the price fell more than 60% this year, including a 10% drop since Democrats won control of Congress. The company has not detailed the size or timing of the buyback program.
MetaMask disclosed that a September 30 infrastructure security incident involved a threat actor accessing systems storing recipient addresses, diverting roughly 0.385 ETH in execution-layer staking rewards. The company said staked principal, withdrawal keys, Secret Recovery Phrases and private keys were not compromised, and it has since secured the affected systems and is refunding impacted customers.
Companies that converted bitcoin-mining operations into AI data centers are discovering that the new business carries its own instability, rather than offering a calmer alternative to crypto mining. The shift, driven by hopes of steadier returns from leasing computing power to AI firms, has not shielded these operators from market and operational turbulence.
Binance CEO Richard Teng told CNBC that the exchange has restored 98% of the $6.34 billion in assets affected by last week's breach, with remaining illiquid holdings still being repurchased. Other crypto firms including Tether, Circle, Ripple and Coinbase moved to freeze or block roughly $3 billion in stolen funds and offered support during the incident.
Binance disclosed that attackers spent months preparing an Oct. 29 breach that netted $6.34 billion in crypto, starting with a tampered software installation downloaded by a wallet DevOps engineer in June. The company says it has rebuilt the affected wallet system and internal AI tools, replaced compromised devices, and revoked credentials tied to exposed staff. Co-CEO Richard Teng said Binance has replenished 98% of the stolen assets and is still buying back remaining, less liquid holdings.
Binance disclosed that North Korean hackers posed as job recruiters to contact a wallet-team engineer, then convinced them to download a malicious 'coding assignment' that bypassed the company's security tools. The initial breach let attackers pivot through an internal tool to compromise two more engineers' machines, eventually gaining access to systems controlling billions in crypto assets, resulting in a record $6.3 billion theft.
Binance published a security update attributing last week's theft of $6.34 billion from its wallets to a social-engineering attack in which an engineer downloaded malicious software during a fake job interview. The exchange said hackers used that foothold to move through its network, exploit an internal AI tool, and access a wallet signing service to make unauthorized transactions outside normal withdrawal controls on October 29.
Binance released a postmortem detailing how a months-long attack led to the largest crypto theft on record. It began in June when an engineer downloaded a malware-laced installer via a Google ad, continued in September when another engineer was lured through a fake hiring process into installing malware disguised as an interview assignment, and culminated on October 29th when attackers used Binance's internal AI tool to seize control of employee wallets.