Binance Incident Affecting $6.3 Billion Renews Wallet Security Concerns

An incident affecting about $6.3 billion in Binance assets has renewed concerns about exchange wallet security, while a separate breach at Polymarket led to at least $2.7 million being stolen from users’ wallets. Polymarket’s international platform temporarily halted trading after a third-party data provider was hacked. The incident has sharpened debate over whether users face greater risk on exchanges or in self-custody wallets. Tyler Moore, a cybersecurity professor at the University of Tulsa, said holding large balances on exchanges carries risk because crypto platforms lack protections comparable to insured bank deposits.