Crypto exchanges call for quick moves to bolster defenses after Binance heist

What happened: Crypto exchanges moved to strengthen defenses and called for industry-wide information sharing after a record hack of Binance. Binance halted withdrawals and said it would use company funds to cover losses. Key numbers: Hack totaled $6.3 billion. Bitcoin fell more than 4 per cent on Thursday; ether fell more than 5 per cent. Why it matters: Analysts and executives said the industry must move urgently as regulators promote deeper integration of digital assets into finance. Executives expect Binance can cover the losses without broader financial repercussions. Coverage: 8 outlets in 24h

Crypto exchanges moved to strengthen defenses and called for industry-wide information sharing after a record hack of Binance. Binance halted withdrawals and said it would use company funds to cover losses.

Analysts and executives said the industry must move urgently as regulators promote deeper integration of digital assets into finance. Executives expect Binance can cover the losses without broader financial repercussions.