Coinbin

Insider Manipulation

Estimated loss

$26.00M

VERDICT —OUT OF SCOPE

Root cause is social engineering — privileged personnel deceived into authorizing the drain. Contract behaved as written. Defense lives in process controls (multi-party approval, M-of-N signoff windows), not in smart-contract review.

▰ METHOD

SOCIAL ENGINEERING

SOCIAL-ENGINEERING

Root cause

Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.

Forensic narrative

Coinbin, a south Korean cryptocurrency exchange, is filing for bankruptcy with losses equivalent to more than $26 million after its debts grew after employees embezzled money. Attack method (per SlowMist): Insider Manipulation. Reported loss: $ 26,000,000.

Primary source

https://cointelegraph.com/news/south-koreas-coinbin-files-for-bankruptcy-with-26-mln-loss-cites-employee-embezzlement ↗

Sourced from

slowmist

Technical record