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Crypto exchanges call for quick moves to bolster defenses after Binance heist | The Mighty 790 KFGO

Crypto exchanges call for quick moves to bolster defenses after Binance heist | The Mighty 790 KFGO

By Hannah Lang

Oct 30 (Reuters) – Crypto exchanges are taking quick action to bolster their defenses and urging greater industry-wide information-sharing after a record $6.3 billion hack of Binance exposed their vulnerability just as they become more embedded in mainstream finance.

Coinbase said it made adjustments to its systems that store cryptocurrency keys offline “solely out of an abundance of caution,” ​while Kraken said it was monitoring industry incidents for lessons it could apply to its defenses.

But the industry will ‌need to move urgently, analysts and industry executives said, as President Donald Trump’s regulators promote deeper integration of digital assets into the financial system, raising the stakes for an…

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