The largest hack in crypto history took place last Thursday.

More than $6 billion in assets left Binance in about 30 minutes.

That’s four times the prior record: the roughly $1.5 billion stolen from the Bybit exchange in February 2025.

It’s horrendous to see.

Thankfully, Binance will cover all losses from company resources. As of November 1, it had already replenished about 95% of the stolen assets.

Withdrawals have resumed.

And the exchange appears to be operating normally.

But the ordeal raises an uncomfortable question…

Why do exchanges keep getting hacked? And what lessons should we take away from this?

I’ll answer that today and tell you what I think it means for the industry.

But first, what exactly…