Binance suffers $6.3 billion hack, experts debate crypto vs bank security

Binance, one of the world’s largest cryptocurrency exchanges, recently faced a $6.3 billion security breach. The incident sparked new debate over whether digital asset platforms are more vulnerable to attacks than traditional banks, or whether their openness simply exposes attacks that remain hidden in conventional finance. Attackers exploited wallet permissions and operational controls to siphon funds, rather than exploiting flaws in Ethereum ’s core cryptography. Once inside, the hackers transferred approximately $2.5 billion from a single Binance wallet in less than four minutes, using Ethereum’s EIP-7702 feature.