Binance, Kraken Foil Social Engineering Attacks—Same Playbook as Coinbase Breach

Another day, another crypto hack attempt—except this time, the good guys won. Binance and Kraken just swatted away coordinated social engineering attacks mimicking the tactics used in last year’s Coinbase exploit. No customer funds were lost, but the audacity is… impressive.

How’d they do it? Old-school phishing meets new-school greed. Attackers posed as corporate clients, bombarding support teams with fake documents and urgency theatrics. Classic ‘give me access now’ nonsense.

Security teams at both exchanges spotted the red flags—mismatched IPs, sloppy forgeries—and shut it down. Kraken’s CISO called it ‘amateur hour with a side of entitlement.’ Binance froze the linked accounts faster than a DeFi rug pull.

Meanwhile, Wall Street still thinks two-factor auth is ‘cutting edge.’ Maybe they’ll catch up by 2030.