NEW YORK TIMES · 2026-10-30 17:07 UTC

Binance's $6.3 Billion Hack Is Just the Start of a Risky New Era

Binance lost $6.3 billion to hackers in February 2025, the largest crypto heist on record, surpassing a $1.5 billion Bybit theft earlier that month. North Korean hackers used advanced automation and AI-assisted laundering techniques; $3 billion has been frozen by stablecoin issuers, but $2.4 billion moved beyond recovery. Crypto exchanges lack regulatory guardrails comparable to traditional banks, and security experts warn AI is enabling more sophisticated attacks across the industry.

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