Last Friday, while investors were preoccupied by a brutal AI-earnings-driven sell-off, Binance came out of nowhere and disclosed that the biggest crypto hack in history had occurred the day before.

The news added to pressure across markets, pushing bitcoin to its lowest level in about six weeks and wiping out billions in value for crypto-linked stocks.

But more importantly for the long run, it posed a fresh challenge to the security of crypto. Part of its original appeal was the promise of nearly unbreakable digital protection. But when a record $6.3 billion is suddenly swiped from the world’s largest crypto exchange, owners of crypto are left feeling awfully vulnerable.