Binance says hackers used a fake job interview to compromise an employee’s computer before exploiting an internal artificial intelligence tool to carry out unauthorized transactions in a $6.3 billion cryptocurrency heist.
The theft, which could rank among the largest financial heists in history, according to Reuters, has raised concerns about cybersecurity vulnerabilities at cryptocurrency exchanges and the growing role of AI in sophisticated attacks.
Binance said Tuesday that the breach highlighted the risks financial companies face as cybercriminals increasingly use AI to target corporate systems.
The exchange said it plans to increase its investment in AI-powered threat detection and establish a security research fund, along with other initiatives involving leading AI companies.
The exchange said it has replenished approximately 90% of the stolen assets, covering about $6 billion of the estimated losses.
Binance also said major cryptocurrencies, including bitcoin, ethereum, tether and BNB, remained fully backed.
EXPERT WARNS OF ‘AI HACKING BLOODBATH’ FOLLOWING MASSIVE BINANCE CRYPTOCURRENCY THEFT The company has pledged to absorb the financial impact of the breach rather than pass losses on to customers.
"Users will not bear the financial impact of this incident," Binance previously said.
"Binance will cover all losses." According to Binance, the attack began when hackers allegedly used a fraudulent job interview to compromise an employee’s computer, providing access to an internal service.
The attackers then used the company's AI tool to help execute unauthorized transactions.
Binance previously said the incident....
