Record $6.3 Billion Binance Hack Spurs Exchange Security Changes

Coinbase adjusted offline key-storage systems after Binance’s $6.3 billion hack, while exchange executives called for faster alerts to help firms respond to stolen funds across the crypto industry. The attack unfolded in about 20 minutes late Thursday. Binance co-CEO Richard Teng described it as a “complex attack” that may have begun with a software engineer’s compromised laptop. Binance said it would absorb the financial impact itself. Tether froze nearly $1.57 billion, while Circle froze $800 million in funds linked to the incident. Coinbase characterized its offline key-storage changes as a precaution.