Crypto Exchanges Tighten Security After $6.3B Binance Theft

The coordinated response across Coinbase, Gemini and Kraken shows that a single incident at one venue is now treated as an industry-wide operational risk, with exchanges adjusting custody and transfer safeguards before any formal guidance emerges. The emphasis on phone protections is notable: it acknowledges that social engineering, not chain-level exploits, is where user funds are most exposed. Whether these measures remain temporary caution or become permanent features of exchange security is the open question worth watching.