BLOOMBERG · 2026-10-30 17:35 UTC

Binance Says Crypto Is Still OK. It Really Is Not

Binance suffered a $6.3 billion hack, the largest in crypto history, with a compromised software engineer's laptop reportedly involved. The company promised to cover losses and says customer funds are safe, with some stolen assets frozen and recovery underway; Bitcoin price down about 2%. The incident reveals multiple security vulnerabilities in crypto systems and raises questions about the decentralized finance model, including withdrawal suspensions and stablecoin freezes that contradict crypto's libertarian principles.

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