Urgent.News

What's breaking now, across thousands of outlets.

Finance & Markets

Nach Binance-Raub: Das Crypto Valley rüstet sich gegen weitere Cyberangriffe

In der Schweiz halten sich die Schäden wegen des Binance-Hackerangriffs bis anhin in Grenzen. Dennoch sind Cyberangriffe für die Krypto-Branche eine wachsende Bedrohung.

Original German Read in English

Nach Binance-Raub: Das Crypto Valley rüstet sich gegen weitere Cyberangriffe

Switzerland's Crypto Valley faces an increased threat from cyberattacks following the Binance hacking incident. Despite the initial shock, the sector remains largely unaffected, with Binance restoring withdrawals for major cryptocurrencies like Bitcoin and Ethereum. Binance covered the stolen crypto assets worth over $6 billion using its own funds, sparing customers from financial loss, including those who stored wallets on the platform.

However, the scale of the hack has prompted caution among investors. Swiss crypto institutions like Swissquote, Postfinance, and Privatbank Maerki Baumann remained unaffected by the hack and have not experienced trading restrictions. Swissquote's online bank, known for its extensive crypto offerings, does not collaborate with Binance due to insufficient transparency in security protocols.

Industry experts emphasize the importance of selecting regulated platforms, particularly in the US, EU, or Switzerland, to safeguard digital assets. While cyberattacks are not new to the sector, recent incidents like the FTX collapse and the Binance hack have prompted providers to enhance security measures, including the integration of AI-powered detection systems.

Even direct trading on regulated platforms in North America, Europe, or Switzerland is advised over offshore brokers, especially those linked to North Korea, which the Swiss government rejects as a "political provocation."

Written by urgent.news from NZZ Wirtschaft's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

Read the original at nzz.ch →

More in Finance & Markets

More from Tuesday 3 November →