Crypto Exchange Hacks and What You Shouldn't Conclude From Them

On October 29, in about twenty minutes, $6.3 billion left Binance’s wallets. The largest crypto theft in history, more than four times the Bybit hack of February 2025. The entry point, according to the exchange itself, was an engineer’s computer, infected after a fake job interview. Two days later, Binance announced it had restored 98% of the assets with its own funds; the next day, it resumed withdrawals. Hold on to that last fact. It’s the most important one, and the least talked about. To a Man with a Hammer, Every Problem Looks Like a Nail Mt. Gox, 2014 . QuadrigaCX, 2019. FTX, 2022. Bybit, 2025. Binance, 2026, to name just the most notorious.

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