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. Kraken said it is monitoring industry incidents for lessons its security teams can apply. OKX CEO Star Xu called for a real-time alert system so exchanges can share information when a hack occurs. Franklin Templeton’s head of crypto, Chris Perkins, said, “For crypto to reach its full potential, the security situation must be addressed immediately.” The calls reflect concern that attackers can move stolen funds before an exchange detects an intrusion.