CNBC · 2026-10-31 12:47 UTC

Binance's $6.3 billion hack raises questions about crypto wallet safety

Binance's offshore platform suffered a $6.3 billion security breach affecting client assets, the largest cryptocurrency theft on record. Polymarket's international exchange was also hacked this week, draining at least $2.7 million from users' wallets via a compromised third-party data provider. Experts warn more security incidents are likely as AI-enabled hacking improves, and note crypto exchanges lack FDIC-style deposit insurance unlike traditional banks.

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