Crypto exchanges call for quick moves to bolster defenses after Binance heist
The industry will need to move urgently, analysts and industry executives said, as United States President Donald Trump's regulators promote deeper integration of digital assets into the financial system, raising the stakes for an industry with a history of big hacks.
Crypto exchanges are taking swift action to enhance defenses in the wake of the Binance hack, which is estimated to have siphoned $6.3 billion. The industry faces increased pressure to bolster security as digital assets become more entrenched in mainstream finance, despite recent regulators' efforts to integrate these assets further.
Coinbase and Kraken, two major exchanges, have implemented system changes designed to safeguard cryptocurrencies, while Binance paused withdrawals following the attack and attributed it to a compromised software engineer's laptop. The company claims it will use its resources to cover the losses. Industry analysts warn that urgent measures are needed to address the security situation and prevent further breaches, emphasizing the development of a coordinated hack detection system.
Written by urgent.news from The Jakarta Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
