Hackers took $6.3 billion from crypto exchange Binance last week, and a Ledger executive says every company holding crypto should expect to be breached.
Hackers stole $6.3 billion from the crypto exchange Binance last week. According to a Bloomberg Technology report, they found a way to take 40% of the stolen crypto in a single move, and the trick cost them just $15. Grabbing so much at once reduced their chances of being caught in the act.
Pascal Gautier, chairman and CEO of Ledger, spoke about the theft on the show "Bloomberg Crypto" with hosts Isabelle Lee and Tim Stenovec. His message was blunt: everybody will be hacked at some point. An exchange is a company where people buy, sell and hold digital money such as Bitcoin. When one is breached, a very large pile of funds can be exposed at once.
The material available does not explain how the hackers pulled this off or what the $15 trick was. It does not say whether any of the money has been recovered, who the hackers are, or how Binance customers will be affected. Those answers matter most for anyone with funds on the platform.
If you keep money in crypto, assume any company holding it can be breached. Think about where your funds sit and how they are stored. A few questions worth asking:
Any company holding crypto can be breached, so decide on purpose how and where your own funds are stored.
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