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Binance hack shakes crypto capital raising
Binance suffered a $6.3 billion theft after a compromised engineer’s laptop gave attackers access to its withdrawal system. The FBI linked the attack to North Korean group TraderTraitor. Binance pledged to cover losses from its own funds and began phased withdrawal reopenings, seeing $3.64 billion net outflows. The breach raises concerns for venture funding, with investors wary of heightened security risks and potential delays in deals. Hedge funds with Binance exposure face operational and optics challenges, while the incident may push more institutional managers toward off‑exchange settlement and increase scrutiny of crypto asset custody.