Binance Co-Founder Warns Users of Phishing Campaigns Following $6.3B Hack
Key Summary
Binance co-founder Yi He warned users against fake cash voucher campaigns and Telegram transaction scams following a record $6.3B hack on October 30. Despite the massive breach attributed to the North Korean hacking collective TraderTraitor, Binance replenished 95% of the lost funds and processed $4.65B in withdrawals within 10 hours.
Key Bullets
- Binance co-founder Yi He warned users on X about fake cash voucher campaigns and phishing links trying to steal wallet keys.
- North Korean hacking collective TraderTraitor drained $6.3B from Binance on October 30 in the largest crypto exploit ever recorded.
- Users withdrew $4.65B in under 10 hours while deposits hit $1.01B, resulting in net outflows of $3.64B across spot markets.
- Binance executives confirmed that 95% of the stolen $6.3B has already been replenished through corporate reserves and the SAFU fund.
Yi He Warns Against Phishing Campaigns
Binance co-founder Yi He warned traders on X to ignore unverified cash voucher campaigns circulating across social media platforms on Monday morning. Public statements published by Yi He confirmed that no promotional distribution had received regulatory clearance or official rollout. Security teams tracked malicious actors exploiting transaction metadata on Telegram by embedding fake official announcements inside GRAM transfers. Traders ignored the warnings at their own peril. Phishing links drained active wallets within seconds.
Exchange order-book depth monitored by market tracking feeds showed elevated caution among retail participants following the advisory. Scammers targeted active accounts while platform administrators tried to secure remaining user balances. The fraudulent campaigns arrived immediately after an unprecedented security breach destabilized spot order books. Fraudulent actors seized the chaos. Users lost millions.
TraderTraitor Drains $6.3B From Reserves
Cryptocurrency exchange Binance suffered a record $6.3B exploit on October 30 according to on-chain transaction records and corporate disclosures. Blockchain investigators attributed the massive security breach to the North Korean hacking collective TraderTraitor. The theft surpassed every previous digital asset exploit in history and triggered immediate panic selling across Bitcoin and altcoin markets. Traders rushed to pull assets off CEX venues. Liquidity evaporated instantly.
Withdrawal halts went into effect immediately while internal security teams locked hot wallets and coordinated with global law enforcement agencies. Public statements from Binance executives confirmed that the platform relied on internal corporate reserves and the SAFU fund to cover the deficit. Fresh capital absorption began within forty-eight hours. The reserves held firm.
Net Outflows Hit $3.64B Within Hours
On-chain data confirms that users withdrew $4.65B in less than 10 hours once withdrawal networks for Bitcoin, Ethereum, and BNB Smart Chain came back online. Total platform deposits reached $1.01B over the same operational window, leaving net outflows at $3.64B. Fiat withdrawal channels for USD, AED, VND, PJP, and IDR reopened shortly after digital asset rails stabilized. Traders took immediate notice. Capital moved rapidly.
Public commentary on X drew immediate comparisons between the Binance incident and the 2022 collapse of FTX. Exchange executives pushed back against the narrative by demonstrating their balance sheet capacity to absorb losses. Binance confirmed that 95% of the drained $6.3B had been fully replenished by management. The bleeding stopped quickly. Solvency remained intact.
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