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Hackers Target Binance Russia

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ByMarcel Bich

Sep 26, 2023
Hackers Target Binance Russia
Marcel Bich
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Russian clients of cryptocurrency exchange Binance faced a significant hacker attack, as reported by Yaroslav Kargalev, head of F.A.C.C.T.’s Cybersecurity Center, formerly a division of Group-IB.

Russian users of the crypto exchange became victims of hackers shortly after Binance introduced restrictions against Russians. On August 27, clients from the Russian Federation began receiving mass phishing emails offering to download a special program. It allegedly helped bypass the restrictions imposed by the P2P trading platform.

“To download the application, the user is directed to a unique link on a file-sharing site, where a zip-archive with styler malware is located,” explained Kargalev.

He added that styler malware poses a massive threat, and incidents involving it can lead to severe consequences for companies. According to the expert, a compromised account can result not only in data leaks but also become the starting point for subsequent, more severe hacker attacks.

Restrictions in P2P Trading for Russians

In late August, Binance altered the terms of P2P trading for Russians, making rubles the only available currency for users with Russian verification. Previously, the exchange had replaced the names of “Sber” and “Tinkoff” cards on the P2P platform with “green” and “yellow.” Later, the alternative names of unsanctioned banks were also removed from the platform.

Changes in P2P trading for Russians followed accusations that the cryptocurrency exchange had helped Russians evade sanctions. The Wall Street Journal reported that despite joining the sanctions in 2022, the exchange continued to process significant volumes of ruble transactions.

Binance is Ready to Leave Russia

Amidst Binance’s extensive issues in Russia, the exchange’s representatives have expressed readiness to exit the region. A company representative informed the Wall Street Journal that all options, including a complete withdrawal, are under consideration.

Analysts foresee that such an outcome would have a substantial impact on the local crypto market. According to the analytical resource CCData, in July, the ruble trading volume on the P2P platform of the crypto exchange reached $8 billion. Many Russians used the exchange for international money transfers. If Binance departs, they will need to seek alternative exchange options.

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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.