Binance’s $6.3 billion theft raises custody concerns as Bitcoin network remains unhacked

A $6.3 billion theft from Binance has renewed scrutiny of cryptocurrency custody, highlighting the distinction between an exchange security breach and an attack on the Bitcoin network. The incident also exposed the risks of concentrating assets with a single custodian. In her November 2 broadcast, Natalie Brunell discussed Binance’s response and stressed that “Bitcoin, the network itself was not hacked.” She said the incident showed that even large institutions could have vulnerabilities customers could not see. Brunell said the FBI had attributed the attack to a North Korean hacking operation. Most of the stolen funds disappeared within 20 minutes.