Crypto Custodians Likely to Seek New Defenses After Binance Hack — Market Talk

The $6.3 billion Binance hack will probably push crypto custodians and exchanges to implement new defenses, including the separation of everyday employee devices from critical financial systems, StoneX analyst Mark Palmer says in a research note. Those firms will also want to create approval policies that bar laptop or vendor logins from reaching the mandating of independent approvals before large transfers, he says. The analyst also expects to see dynamic hourly caps on what any one wallet or service can move. It seems Binance didn't have had any of those measures in place in a form that could have prevented the intrusion, Palmer says. ([email protected])