By Mark Hunter

10 hours agoMon May 19 2025 08:18:29

Reading Time: 2 minutes

  • Binance and Kraken have successfully repelled social engineering attacks similar to the one recently faced by Coinbase 
  • Hackers have attempted to bribe customer service agents using Telegram contacts
  • Both exchanges have prevented any data breaches or financial losses

Binance and Kraken have thwarted sophisticated social engineering attacks aimed at compromising their internal systems. Attackers reportedly attempted to bribe customer service agents, directing them to communicate via Telegram, but both platforms have successfully prevented any breaches or financial losses. Coinbase recently offered a staggering $20 million reward for information that leads to the arrest and conviction of hackers who used the same method to steal customer data.

Attackers Target Customer Support Channels

According to Bloomberg , hackers approached customer service agents at Binance and Kraken with bribery offers, providing Telegram handles for further communication. These tactics mirrored those used in the Coinbase breach, where attackers exploited insider access to obtain customer data.

In that case, the attackers convinced a small group of employees to copy data from customer support tools, affecting less than 1% of Coinbase’s monthly transacting users. The attackers then attempted to extort Coinbase for $20 million, a demand the company refused, offering that same amount ot anyone who could help put them behind bars. Coinbase has since terminated the compromised employees and reported the incident to law enforcement authorities.

Reinforcing Security Measures

In response to these threats, Binance and Kraken have emphasized the importance of employee vigilance and robust internal controls. Both exchanges have credited their rapid response protocols and cybersecurity teams for preventing any data leaks or financial damage. The incidents underscore the ongoing threat that social engineering poses to even the most secure platforms, highlighting the need for continuous investment in security infrastructure and employee training.

This new method of attack highlights how hackers have shifted from exploiting technical vulnerabilities to manipulating human behaviour, turning to social engineering as their weapon of choice. Rather than attempting to breach complex code or infrastructure, they now focus on deceiving employees through impersonation, bribery, or psychological manipulation, reflecting a growing recognition that the human element is often the weakest link in security systems. 

Attacks are becoming more personalised and sophisticated, with fraudsters posing as insiders or trusted contacts to gain access to sensitive tools and data, as well as posing as potential employees .