Is Binance Safe? North Korea Has Just Taken $13.5M in XVS Cryptocurrency Theft

In an alarming phishing incident, cybercriminals linked to North Korea targeted a BNB crypto large holder, managing to siphon off $13.5M in Binance coins, raising questions about the XVS price – here’s the reason.

A significant Venus Platform user experienced a loss of approximately $13.5M on Sept. 1 following a phishing attack that aimed at their holdings. On-chain analytics and protection assessments validated the occurrence. This transpired at 3:26 PM UTC.

Venus Platform suspended its operations right after the occurrence. The platform assured that its smart contracts remain secure, and investigations are underway.

We are aware of the user wallet being drained (smart contract is safe) and are actively investigating.

Venus is currently paused following safety protocols. We will keep you all updated as soon as we know more.

— Venus Platform (@VenusProtocol) September 2, 2025

Is the BNB Hardware Wallet Truly Safe from Phishing?

The protection firm Beosin initially reported losses exceeding $27M. Subsequently, PeckShield adjusted that estimate to $13.5M. The original amount included the debtor’s position. PeckShield stated, “Initial estimates were inflated as we did not account for the debt position.”

Yu Xian, founder of SlowMist, noted that the user’s hardware crypto wallet was indeed secure. However, attackers accessed the related browser extension.

This enabled them to access borrowing and redemption rights to the user’s Venus Protocol assets unbeknownst to the owner. The event illustrates that hardware wallets remain vulnerable if the associated software is at risk. Even reliable storage can falter against sophisticated social engineering.

Analysis indicates the attack was both calculated and well-financed. Gas fees were sourced from Monero (XMR) exchanges along with other funds linked to eXch, a dark web exchange tied to North Korean hackers.

Xian remarked that the large holder was specifically targeted, suggesting it wasn’t a generalized attack. The Venus Network frontend likely remained secure, though the incident raises alarms about state-sponsored actors utilizing phishing tactics against high-value Decentralized finance users.