Yet Another Crypto Theft....

StewedApple

Binance reporting $6.3Bn hack this morning:-

https://www.theguardian.com/business/2026/oct/29/binance-crypto-exchange-hack

Not sure I'd want my savings in this arena.

Wednesdayman

I'd rather have my money in a chest under my bed with three alsations guarding it than move it into crypto…

Swipe

Kim Wrong Un raking it in

aroominyork

The BBC are as understated as ever. "It raises a question about the security of other cryptocurrencies…". Yes, just a teeny weenie question.

StewedApple

I can't help thinking it's the sort of sizeable theft which has political ramifications - particularly given the possibility that it's state sponsored. I've always steered clear of crypto because of its volatility but it also now looks vulnerable as well.

Technically, blockchain systems have some interesting and innovative security features which make them less vulnerable than traditional IT systems so it'll be useful to know how/what was done to achieve this theft.

QrizB

it'll be useful to know how/what was done to achieve this theft.

Internet security folk are reporting that Binance was using Anthropic's Claude Code LLM, and Claude Code had a SSH remote-access backdoor that would allow a malicious actor to gain secure access to whatever system it was running on.

That doesn't mean that Binance was pwned via the Claude backdoor, but it's a notable coincidence.

Blog here:

https://doublepulsar.com/anthropic-hacked-to-deliver-remote-access-trojan-to-claude-developer-laptops-worldwide-1148a92baae2

Yesterday, Anthropic were compromised and Cursor extension used by tens of millions of developers for Claude access was delivering a remote access trojan via an SSH reverse backdoor. The malware allowed hands on and automated remote access to developer laptops and desktops, in a supply chain attack.

…

Notable customers who run Claude Code and Cursor on laptops include Binance, amongst thousands of others.

"Crypto bros backdoored by AI bros" is more schadenfreude than I really needed in a single day 🤣

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82186579#Comment_82186579

It seems that an engineer at the company was tempted into a recruitment scam, and with the promise of a better job they downloaded some software that was in fact malware. Presume they must have been using the company laptop for personal use as well.

StewedApple

https://forums.moneysavingexpert.com/discussion/comment/82186597#Comment_82186597

It's interesting that this may have been a route in. Traditional/centred IT systems are vulnerable to staff issues - even when very secure e.g. bribery/blackmail of staff.

That it's being suggested an engineer has done something this daft does prompt questions about other aspects of security - how was it possible for someone to download software on to a business laptop in this way, (most secure work laptops, would never permit staff to install software and installed software would be vetted/controlled. I'd also expect staff to be trained in social manipulation security risks.
We'll wait and see what develops.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82186579#Comment_82186579

The security is entirely dependent on protecting the private keys of the wallets. That's all a hacker needs in order to siphon the crypto off to their own wallet.

I would describe that as more vulnerable than traditional systems, as at least those have a centralised means of money being moved, which can be turned off if necessary.

If your crypto wallet credentials are compromised, your only defence is to remove the contents before the hacker. Therefore, any wallet whose private key is in the custody of an exchange should not be used to store crypto. It should be held in a cold wallet with no online record of the key.

StewedApple

https://forums.moneysavingexpert.com/discussion/comment/82186620#Comment_82186620

There must be people wondering about the security issues around crypto nowadays - there have been stories of people being assaulted/threatened/kidnapped to get access to their accounts, we know that Revolut had a whole raft of high-value customer details stolen in a simple attack within the last 2-3 months (which inevitably leaves those customers potentially vulnerable), and this also is the second billion dollar theft (and quite probably state-sponsored.

I was always put off crypto by its inherent instability (but understand why some people may want to move money through it), but this type of activity does suggest it has real problems as an investment vehicle.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82186631#Comment_82186631

Indeed. The decentralised nature of the asset was lauded as a big positive by libertarian types, but it also makes it a soft target for thieves vs mainstream savings and investments.