Crypto exchanges call for quick moves to bolster defences after Binance heist
A record US$6.3 billion hack of Binance exposes its vulnerability
The US$6.3 billion hack of Binance, world's largest crypto exchange, has left the industry scrambling to bolster defences and share information. Coinbase and Kraken, two major players, have taken immediate steps to secure their systems, but experts urge a swift response as digital assets are increasingly integrated into the financial system.
The attack, believed to be North Korean in origin, exploited a compromised laptop, allowing hackers to access withdrawal systems. Binance has halted withdrawals and will use its own funds to cover the losses, while co-CEO Richard Teng revealed additional breaches. Industry executives call for a real-time alert system to detect hacks quickly and freeze suspected stolen funds. Bitcoin and ether prices fell following the heist, recovering some ground on Friday.
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