Crypto exchanges are stepping up security measures following a massive hack of Binance
Cryptocurrency exchanges Coinbase, Kraken, and Gemini are reviewing their security measures following a massive theft of $6.3 billion from Binance.
Coinbase announced additional changes to its cold storage system for cryptocurrencies. According to the company’s Chief Security Officer, Jeff Lunghofer, these measures were implemented as a precaution.
Gemini has tightened controls over transactions by introducing additional alerts and restrictions on fund transfers. Kraken reported that it is monitoring the situation and that all of the exchange’s services are operating normally.
Meanwhile, withdrawals from Binance remain suspended. According to the publication, the system is expected to resume operations at approximately 8:00 a.m. Kyiv time on Sunday, November 1.
On the evening of October 30, Binance announced that it had isolated the compromised infrastructure, revoked the relevant access permissions, and implemented additional measures to prevent unauthorized transactions.
Source: Financial Times
The Binance cryptocurrency exchange stated that it has covered 90% of the $6.3 billion in assets stolen during the attack on its platform. To cover the losses, the company has set aside approximately $6.34 billion of its own funds internally.
U.S. President Donald Trump stated that his administration is investigating the $6.3 billion hack of the Binance cryptocurrency exchange. Responding in the Oval Office to a question about the possible involvement of a North Korean group, he said that the U.S. does not yet know, but is investigating the situation.
Hackers stole $6.3 billion in digital assets from the Binance cryptocurrency exchange, marking the largest cryptocurrency heist in the world.
The Binance cryptocurrency exchange has temporarily suspended all deposit and withdrawal operations due to an investigation into a possible security incident. The company stated that it is conducting audits and working to resolve the issue.
