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Binance hack sparks crypto security concerns
Binance suffered a $6.3 billion theft, the largest crypto breach, while Mercado Bitcoin halted deposits after $40 million in unauthorized transfers. Both exchanges said customers won’t bear losses; Binance resumed withdrawals despite $3 billion net outflows in 24 hours. Recent crypto exploits rose 111% YoY, with notable incidents including a Coldcard firmware flaw ($116 million loss) and tampered Ledger devices ($93 million loss). The fallout prompted $643 million outflows from US spot Bitcoin ETFs and continued inflows into crypto‑linked ETFs. Stablecoin supply remains flat near $286 billion, indicating limited new on‑chain capital. Industry focus shifts toward protocols integrating traditional finance, such as Hyperliquid, EtherFi, Aave, and others, as self‑custody challenges persist.