Crypto Industry Tightens Security After $6.3 Billion Binance Hack
Global digital-asset exchanges are moving to strengthen security after a $6.3 billion hack at Binance.Reuters reported on Oct. 31 that Coinbase made some adjustments to its system for storing digital-asset private keys offline as a preventive measure after the Binance breach. Kraken is also closely reviewing the incident and weighing improvements to its own security framework.The attack has also prompted calls for an industry-wide response. OKX Chief Executive Officer Xu Mingxing said the sector needs a real-time alert system so companies can share information immediately and respond quickly when hacks occur. He added that suspicious funds should be tracked jointly and frozen swiftly.Chris Perkins, head of digital assets at Franklin Templeton, said the industry must address security issues immediately if it is to realize its full potential.Some security experts said the Binance hack may have involved social-engineering attacks that stole sensitive employee information or system access credentials rather than directly breaching systems. Some companies are also considering stronger security training for employees.