BLOOMBERG · 2026-10-30 15:38 UTC

Binance Hack: How Do Hackers Steal Crypto? Can the Funds Be Recovered?

Binance, the world's largest crypto exchange, suspended withdrawals after a security breach affecting an estimated $6.3 billion in funds, raising questions about the industry's ability to protect digital assets. Crypto-related hacks have increased in frequency and size, with $1.2 billion lost across 255 attacks from July to September, compared to $822 million in 222 incidents from April to June. Hackers use various methods including social engineering, malware, stolen credentials, exploitation of software flaws, and theft of cryptographic keys to target centralized exchanges and…

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