Binance $6.3B hack linked to North Korean hackers prompts reforms
Binance just got hit by a $6.3 billion hack, and it is a wake-up call for the whole crypto world.
Thursday's attack, linked to North Korean hackers, exposed some big security gaps.
Now, exchanges like Coinbase are making adjustments to their systems that store cryptocurrency keys offline, while Kraken is reviewing recent breaches to strengthen its defenses.
OKX CEO urges real-time alerts
The hack has everyone pushing for better security across the board. OKX's CEO Star Xu says a real-time alert system is needed so companies can freeze assets fast when trouble hits.
With signs that social engineering played a role, firms like Circuit are also focusing on more employee training.
Meanwhile, Tether and Circle have frozen funds tied to the breach, but decentralized coins like Bitcoin and Ether cannot be frozen because no single entity controls the coins.