BUSINESS TIMES SG · 2026-10-31 01:51 UTC

Crypto exchanges call for quick moves to bolster defences after Binance heist

Binance suffered a record US$6.3 billion hack on October 29, halting withdrawals; the attack allegedly originated from a compromised software engineer's laptop and involved social engineering. Coinbase and Kraken are adjusting security measures; Tether froze US$1.57 billion and Circle froze US$800 million in stablecoins linked to the breach. Bitcoin fell over 4% and ether over 5% on Thursday; industry executives expect Binance has sufficient resources to cover losses without broader financial repercussions.

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