Crypto exchanges call for quick moves to bolster defenses after Binance heist

Crypto exchanges are taking quick action to bolster their defenses and urging greater industry-wide information-sharing after a record $6. 3 billion hack of Binance exposed their vulnerability just as they become more embedded in mainstream finance. Coinbase said it made adjustments to its systems that store cryptocurrency keys offline “solely out of an abundance of caution,” while Kraken said it was monitoring industry incidents for lessons it could apply to its defenses. But the industry will need to move urgently, analysts and industry executives said, as 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. Must Read Crypto exchange Binance freezes assets after $6.

3-billion security breach “For crypto to reach its full potential, the security situation must be addressed immediately,” said Chris Perkins, Franklin Templeton’s head of crypto. Binance, the world’s largest crypto exchange, halted withdrawals after Thursday’s attack — which analysts blamed on North Korea — and said it would use company funds to cover the losses. Binance co-CEO Richard Teng said on X that the “complex attack” may have begun with a compromised software engineer’s laptop, giving hackers access to systems used to process withdrawals. The company later found additional breaches, while software designed to erase traces of the attack hampered the investigation. Rival crypto exchanges moved quickly on Friday, October 30, to shore up their own systems and to reassure customers that their tokens were safe “Full-time teams at Kraken look for potential vulnerabilities every day,” a Kraken spokesperson said. Still, even as the industry reeled from the biggest cryptocurrency heist of…