{"id":818853,"date":"2026-10-30T16:54:12","date_gmt":"2026-10-30T16:54:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/818853\/"},"modified":"2026-10-30T16:54:12","modified_gmt":"2026-10-30T16:54:12","slug":"binance-hack-updates-us-secret-service-says-it-is-helping-to-track-funds-stolen-from-crypto-firm-in-6-3bn-hack","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/818853\/","title":{"rendered":"Binance hack updates: US Secret Service says it is helping to track funds stolen from crypto firm in $6.3bn hack"},"content":{"rendered":"

\"Analysis\"How could Binance be hacked if crypto is so secure?published at 15:23 GMT<\/p>\n

15:23 GMT<\/p>\n

\"\"Mitchell Labiak
Business reporter<\/p>\n

One of the selling points of cryptocurrency is its security.<\/p>\n

In short, the thinking is that you can use the blockchain – the cloud technology that underpins cryptocurrency – to create a publicly accessible list of every purchase and sale of cryptocurrency. And that ledger of transactions is impossible for any one person or computer to alter for their own ends.<\/p>\n

And yet, here we are reckoning with the fallout from yet another massive crypto hack. So what\u2019s going on?<\/p>\n

The short version is that the blockchain wasn\u2019t hacked. Rather, the exchange on which people trade cryptocurrency was hacked.<\/p>\n

Because cryptocurrencies like Bitcoin cost so much money, many people choose to buy shares in a Bitcoin – or some other cryptocurrency – via an exchange. When people do this, the actual digital key to the cryptocurrency itself is held by the exchange, which is Binance in this case, on the costumer’s behalf.<\/p>\n

Purists would argue this undermines the whole philosophy of crypto as a decentralised currency that no single person can control. However, for those who are just looking to buy crypto in the hope its value will rise, exchanges are a handy shortcut.<\/p>\n

That is, of course, until a massive issue like the Binance hack happens.<\/p>\n","protected":false},"excerpt":{"rendered":"How could Binance be hacked if crypto is so secure?published at 15:23 GMT 15:23 GMT Mitchell LabiakBusiness reporter…\n","protected":false},"author":2,"featured_media":818854,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,59,56,54,55],"class_list":["post-818853","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-gb","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/818853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=818853"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/818853\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/818854"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=818853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=818853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=818853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}