FT · 2026-11-02 15:03 UTC

The $6.3bn Binance hack shows how centralised crypto has become

A $6.3bn hack of Binance, the world's largest cryptocurrency exchange, demonstrates how centralization has undermined crypto's original promise of decentralized finance. While blockchain technology itself remains secure, the ecosystem around it - particularly centralized exchanges where users store assets for convenience - has introduced vulnerabilities exploited through compromised devices and technological flaws. AI is enabling hackers to more effectively probe and exploit weaknesses in crypto infrastructure, especially at centralized points like exchanges.

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