COINDESK · 2026-11-02 08:32 UTC

Why stealing billions from a crypto exchange can be harder to stop than a bank theft

Binance suffered a $6.3 billion theft, the largest reported cryptocurrency exchange hack, where attackers drained $2.5 billion from a wallet in under four minutes using malicious code. Crypto exchange thefts are harder to stop and reverse than bank thefts because blockchain transactions are final and irreversible, while banks have multiple checkpoints to catch fraud. Experts debate whether crypto exchanges are attacked more frequently or simply cannot hide breaches like banks do - crypto thefts are immediately visible on blockchain explorers while bank breaches are often handled quietly.

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