Coindesk examines why crypto exchange thefts are harder to stop than bank heists

The $6.3 billion Binance theft, the largest reported crypto heist, exploited wallet permissions and operational controls rather than breaking Ethereum's underlying cryptography, according to the article. Confirmed crypto transfers generally cannot be reversed, making breaches potentially more costly, though available data do not show exchanges face more attacks than banks. An IMF report cited banks as the most frequent cyberattack targets in finance, with nearly $12 billion in reported direct losses between 2004 and 2023. The attack has intensified calls for stronger signing procedures, withdrawal limits and financial safeguards, as blockchain transparency aids tracing without guaranteeing recovery.

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