19-5-2025 – Leading exchanges Binance and Kraken have successfully fended off sophisticated social engineering attacks, even as their competitor Coinbase grapples with the aftermath of a significant security breach.
The attempted infiltrations employed remarkably similar tactics to those that recently compromised Coinbase, where malicious actors targeted support staff with lucrative bribes. These orchestrated attempts involved detailed protocols for establishing contact via Telegram messaging platform, according to sources close to the matter.
Binance’s robust defence mechanisms, particularly their AI-powered monitoring systems, proved instrumental in identifying and intercepting suspicious communications before they could pose genuine threats. The exchange’s prudent policy of restricting access to customer information unless initiated by users themselves served as an additional safeguard.
The timing of these incidents has raised concerns across the digital assets industry, as Coinbase continues to address the fallout from its security breach. The American exchange anticipates setting aside between $180 million and $400 million for customer compensation and remediation efforts, following the exposure of client data through compromised overseas personnel who succumbed to a $20 million ransom scheme.
Industry insiders note that warning signs emerged as early as December when peer exchanges began alerting Coinbase about suspicious activities targeting their high-value clients. The company observed irregular patterns in January, leading to swift action including the dismissal of implicated staff members and engagement with law enforcement agencies.
