Binance’s $6.3 Billion Security Incident: Breached for the Second Time
From Mt. Gox to Bitfinex, from Bybit to Bitget, the entry points for attacks on exchanges have continued to evolve. After Binance’s breach in 2019, it now faces the same question again: who bears the losses?
Looking at exchange hacks over the past decade or more on a single timeline, one clear change emerges:
Losses are growing, but attackers are less and less likely to break directly into cold wallets. What they often target are hot wallets, private keys, signing processes, internal devices, and connections between exchanges and third-party services.
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From Hot Wallets to Private Keys: The Earliest Points of Entry