Coinbase, Kraken and Gemini Boost Security Following Binance Hack

Highlights:

• Coinbase, Kraken, and Gemini are strengthening security measures after hackers stole approximately $6.3 billion from Binance.
• Coinbase adjusted cold storage systems, Gemini tightened transfer restrictions, and Kraken continues monitoring potential security threats.
• Binance has reserved over $6.34 billion to cover losses and frozen approximately $3 billion in assets.

Major cryptocurrency exchanges, including Coinbase, Kraken and Gemini, are taking additional security precautions after hackers stole approximately $6.3 billion from Binance. Coinbase has adjusted its cold storage systems, Gemini has introduced new fund transfer restrictions, and Kraken is closely monitoring the incident to protect its platform and customers.

According to an October 31 Financial Times report, several crypto exchanges are strengthening their security measures following the Binance hack. The companies are also reassuring customers about the safety of their cryptocurrency holdings.

据《金融时报》报道，在 Binance 遭遇 63 亿美元盗窃后，多家加密交易平台正加紧强化安全措施，并向客户说明资金安全状况。Coinbase 首席安全官 Jeff Lunglhofer 表示，公司已“完全出于审慎考虑”对冷存储系统作出部分调整。Gemini 已针对资金转移增设预警和限制措施；Kraken…

— 吴说区块链 (@wublockchain12) October 31, 2026

Coinbase Adjusts Cold Storage as Gemini Adds Transfer Restrictions

Coinbase Chief Security Officer Jeff Lunglhofer said the exchange had made precautionary adjustments to its cold storage systems following the Binance attack. The company described the changes as precautionary rather than a response to a breach of its own systems.

Coinbase Vice President of Product Will Megson also said the exchange is upgrading its phone security measures to protect users from scam calls. Fraudsters sometimes impersonate customer support staff and convince users to change account settings or transfer their cryptocurrency.

Gemini has also introduced additional security alerts and restrictions on fund transfers. The measures are intended to help identify suspicious activity and prevent unauthorized transactions. Meanwhile, Kraken said its services were operating normally. The exchange is monitoring developments surrounding Binance and reviewing potential security risks. “Full-time teams at Kraken look for potential vulnerabilities every day,” a Kraken spokesperson told Reuters.

OKX CEO Calls for Real-Time Crypto Security Alerts

The Binance hack has also prompted cryptocurrency industry leaders to call for closer cooperation between exchanges. OKX CEO Star Xu urged crypto companies to establish a shared security system for reporting attacks, monitoring suspicious transactions and responding quickly to potential threats. “We need a real-time alert system,” Xu said, calling for faster information sharing and coordinated action to freeze suspected stolen funds.

Such cooperation could help exchanges and stablecoin issuers identify stolen cryptocurrency before attackers move it through multiple wallets. Xu also warned about emerging cybersecurity threats involving artificial intelligence and called for stronger industry defenses.

Binance Extends Withdrawal Suspension After Discovering More Breaches

In an October 30 security update, Binance said it initially suspected that hackers had compromised an engineer’s laptop. However, further investigation uncovered additional security breaches. Binance said it had isolated the affected systems, removed compromised access permissions, and strengthened security to prevent further attacks. The exchange kept withdrawals suspended but expected to resume them around November 1 after completing security checks. Deposits remained unaffected.

Blockchain intelligence firms have linked the attack to TraderTraitor, a hacking group associated with North Korea. However, Binance has not officially confirmed who carried out the theft. Chainalysis reported that the attackers used automated tools to move stolen cryptocurrency across the Tron blockchain after withdrawing funds from Binance. These transactions have complicated efforts to trace the stolen assets.

In a separate October 30 announcement, Binance said it had reserved more than $6.34 billion in company funds to cover confirmed losses. Industry partners have also assisted in the freezing of around USD 3 billion worth of affected cryptocurrencies. The exchange is collaborating with law enforcement and blockchain intelligence companies and the token issuers to recover the frozen assets and identify those responsible for the attack.

Binance has begun recovering affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover additional funds.

The company has already publicly committed to cover losses through… pic.twitter.com/UqtBd37Fpj

— Binance (@binance) October 30, 2026