Coinbase, Kraken and Gemini strengthen security after $6.3bn theft from Binance

The record theft of $6.3bn from the Binance platform has triggered a wave of additional security measures at other major crypto exchanges. Coinbase, Kraken and Gemini have reviewed their protection protocols to reassure users of the safety of their funds.

Response from leading platforms

As reported by the Financial Times on 31 October, market leaders are actively responding to the incident. Coinbase Director of Security Jeff Lunghofer confirmed that the company has implemented changes to its asset cold storage systems, acting out of an abundance of caution.

The Gemini platform has introduced new rules: users now receive additional notifications, and restrictions on fund transfers are in place. Kraken representatives stated that the company is monitoring the situation, while all its services continue to operate in normal mode.

Status of the Binance system

According to the Financial Times, the process of withdrawing funds from Binance remains suspended. The exchange aims to restore full system functionality by approximately 08:00 Kyiv time on Sunday, 1 November.

On the evening of 30 October, Binance management announced that the compromised infrastructure had been contained. The company revoked the relevant access permissions and introduced additional measures against unauthorised transactions.