How North Korea Pulled Off the Biggest Heist in History
Patrick Boyle 40:37
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Last week, hackers drained $6.3 billion from Binance, the world’s largest crypto exchange, in what blockchain analysts call the largest theft of any kind in history. The FBI blames TraderTraitor, a North Korean state hacking unit, though North Korea denies it. Patrick Boyle looks at how the Binance hack worked: a fake job interview, Binance’s own internal AI tool, an Ethereum feature called EIP-7702, and fifty pre-signed transactions. It covers why Tether and Circle could freeze billions in stolen stablecoins while the hackers’ bitcoin and ether stayed out of reach, how North Korea launders and cashes out stolen crypto, and why bitcoin barely moved while Coinbase and Circle shares fell. It also asks what CZ’s Twitter spat with Elon Musk tells us about crypto’s supposedly decentralized financial system.
Patrick's Books:
Statistics For The Trading Floor: https://amzn.to/3eerLA0
Derivatives For The Trading Floor: https://amzn.to/3cjsyPF
Corporate Finance: https://amzn.to/3fn3rvC
Ways To Support The Channel
Patreon: https://www.patreon.com/PatrickBoyleOnFinance
Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle
Visit our website: https://www.onfinance.org
Follow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.social
Business Inquiries ➡️ sponsors@onfinance.org
Patrick Boyle On Finance Podcast:
Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0b
Apple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313
Google Podcasts: https://tinyurl.com/62862nve
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Last week, hackers drained $6.3 billion from Binance, the world’s largest crypto exchange, in what blockchain analysts call the largest theft of any kind in history. The FBI blames TraderTraitor, a North Korean state hacking unit, though North Korea denies it. Patrick Boyle looks at how the Binance hack worked: a fake job interview, Binance’s own internal AI tool, an Ethereum feature called EIP-7702, and fifty pre-signed transactions. It covers why Tether and Circle could freeze billions in stolen stablecoins while the hackers’ bitcoin and ether stayed out of reach, how North Korea launders and cashes out stolen crypto, and why bitcoin barely moved while Coinbase and Circle shares fell. It also asks what CZ’s Twitter spat with Elon Musk tells us about crypto’s supposedly decentralized financial system.
Patrick's Books:
Statistics For The Trading Floor: https://amzn.to/3eerLA0
Derivatives For The Trading Floor: https://amzn.to/3cjsyPF
Corporate Finance: https://amzn.to/3fn3rvC
Ways To Support The Channel
Patreon: https://www.patreon.com/PatrickBoyleOnFinance
Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle
Visit our website: https://www.onfinance.org
Follow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.social
Business Inquiries ➡️ sponsors@onfinance.org
Patrick Boyle On Finance Podcast:
Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0b
Apple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313
Google Podcasts: https://tinyurl.com/62862nve
Join this channel to support making this content:
https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join
Category (YouTube): Education
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