Binance founder warns of bitcoin scam wave after record $6.3bn crypto hack

independent.co.uk —

Binance founder Changpeng Zhao warned that scammers are "on overdrive" following the $6.3 billion hack of the crypto exchange, urging users to be careful amid fake compensation offers. Security experts say criminals are exploiting panic to impersonate Binance, targeting even unaffected account holders. Cyber criminals are sending fake security alerts and requests to transfer funds into "safe" wallets, with fraudulent messages made more convincing by the hack's headlines. Binance suspended withdrawals after the breach, then reopened them, with customers withdrawing $4.6bn before outflows stabilized. The exchange pledged corporate reserves to replace stolen assets. The FBI attributed the attack to North Korea's TraderTraitor unit, which is converting stolen assets into ethereum for laundering. Recovering stolen crypto is difficult, as seen in a similar Bybit hack last year where less than 5 per cent of funds were retrieved.


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