Crypto exchanges tighten safeguards after Binance's $6.3 billion hack
What's new: Coinbase changed offline key-storage systems, while Kraken and other rivals reviewed defenses after the Oct. 29 breach.
Crypto exchanges moved to harden their systems after Binance lost a record $6.3 billion in a hack that rattled digital-asset markets and renewed security concerns across the industry. Coinbase said it adjusted the systems that store cryptocurrency keys offline as a precaution, while Kraken said it was monitoring the attack for lessons it could use in its own defenses. Binance halted withdrawals after the Oct. 29 breach and said it would cover the losses with company funds. Co-CEO Richard Teng said the attack may have started with a compromised software engineer's laptop and later involved additional breaches that complicated the investigation. Bitcoin fell more than 4% and ether more than 5% before recovering some ground.