Michael Saylor Sees Stronger Crypto Security After Binance’s $6.3 Billion Hack

Michael Saylor expects the crypto industry to strengthen security after Binance’s $6.3 billion hack. The Strategy executive chairman also backed the exchange’s commitment to use its own balance sheet to make customers whole. Strategy Inc. (Nasdaq: MSTR) Executive Chairman Michael Saylor said on Oct. 30 that the crypto industry would improve its defenses following Binance’s estimated $6.3 billion hack. In his assessment of Binance’s response , shared on X, he stated: The exchange’s official security update , also dated Oct. 30, placed the hot-wallet compromise at approximately 8:05 p.m. UTC on Oct. 29. Binance pledged coverage through its corporate treasury and Secure Asset Fund for Users, or SAFU, an emergency fund to protect user assets.

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