Crypto Exchanges Tighten Security After Record $6.3B Binance Hack

TLDR: Binance lost a record $6.3 billion in an attack that unfolded in about 20 minutes on Thursday. Tether froze nearly $1.57 billion and Circle froze $800 million of funds linked to the Binance hack. The breach may have started with a compromised engineer’s laptop, and social engineering is suspected. OKX CEO Star Xu called for a real-time alert system to share hack data and freeze suspected stolen funds. Binance hack losses reached $6.3 billion on Thursday, prompting rival crypto exchanges to strengthen their security systems.