Financial Times: After Binance’s $6.3 billion theft, multiple crypto platforms step up security measures
According to the Financial Times on October 31, after Binance suffered the theft of about $6.3 billion, multiple crypto trading platforms are stepping up security measures and explaining the status of fund safety to customers.
Coinbase Chief Security Officer Jeff Lunglhofer said the company had made some adjustments to its cold storage system solely out of an abundance of caution. Gemini has added warnings and restrictions for fund transfers; Kraken said it is closely monitoring the situation, and the platform’s services are operating normally.
The report said Binance is still investigating how attackers stole about $6.3 billion in assets from its platform on Thursday night. Binance’s initial investigation found that an engineer’s laptop was compromised, and it later found more points of intrusion. U.S. President Trump said the U.S. side is paying attention to the incident, and analysts suspect it is related to hackers connected to North Korea. Binance updated late Friday that it had contained the compromised infrastructure, revoked related authorizations and implemented additional control measures. Withdrawal services remain suspended, and the company is seeking to restore systems within about 34 hours.
Original source
Title: Crypto exchanges rush to tighten security after $6.3bn Binance heist
Publisher: Financial Times (by Nikou Asgari)
Date of publication: 2026-10-31
URL: https://www.ft.com/content/c7062e37-86fd-45ef-8f58-573de0fcaaf0
Nature of source: Financial media report
Verification status: The report text was read, and the statements regarding Coinbase, Gemini and Kraken, as well as the background of the Binance incident, were checked
Supporting content: Security-tightening measures at each platform, Lunglhofer’s remarks on cold storage adjustments, Gemini’s warnings and restrictions, Kraken’s statement that operations are normal, and Binance’s investigation and recovery progress.
ABAB AI Insight
This industry response came against the backdrop of a compromise of Binance’s hot wallet infrastructure and losses reaching a record high. Coinbase explicitly characterized the cold storage adjustments as an abundance-of-caution measure rather than a discovery that its own systems had been breached; Gemini’s and Kraken’s responses focused respectively on fund-transfer controls and monitoring statements, showing differences in how the platforms communicate risk.
Binance had previously said it would cover all losses with company funds and had set aside more than $6.34 billion. The rapid statements from other platforms helped stabilize customer confidence during the withdrawal suspension, but also underscored how, under a custodial model, a single point of infrastructure risk can trigger broader industry concern.
There is currently no public evidence that other major exchanges suffered similar intrusions. Points to watch next include Binance’s withdrawal-restart timetable, the release of a full proof of reserves, and whether each platform will further disclose specific technical adjustment details.