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

Crypto exchanges have called for quick action to bolster defenses after a record $6.3 billion was stolen from Binance. | REUTERS

Oct 31, 2026

Crypto exchanges are taking quick action to bolster their defenses and urging greater industrywide information-sharing after a record $6.3 billion hack of Binance exposed their vulnerability just as they become more embedded in mainstream finance.

Coinbase said it made adjustments to its systems that store cryptocurrency keys offline “solely out of an abundance of caution,” while Kraken said it was monitoring industry incidents for lessons it could apply to its defenses.

But the industry will need to move urgently, analysts and industry executives said, as U.S. President Donald Trump’s regulators promote deeper integration of digital assets into the financial system, raising the stakes for an industry with a history of big hacks.

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