Binance hacked for $6.3 billion, sparking concerns over crypto wallet security; experts expect more security incidents in the near term.

BlockBeats news, October 31 - According to CNBC, a security incident affecting approximately $6.3 billion in Binance assets has reignited discussions about the security of trading platform wallets. On the same day, Polymarket's international platform temporarily suspended trading due to a breach of a third-party data provider, with at least $2.7 million stolen from user wallets. Experts interviewed are divided on whether users should continue keeping funds on trading platforms, but most expect more security incidents in the near term as AI transforms cyberattack methods.

Tyler Moore, a cybersecurity professor at the University of Tulsa, believes that storing large amounts of funds on trading platforms carries high risks. He pointed out that crypto trading platforms lack protections similar to bank deposit insurance, and users should remain vigilant about protection mechanisms after platform attacks. Blockaid CEO Ido Ben-Natan believes that Binance and Polymarket's commitment to compensate affected users is a reason users can maintain confidence in the platforms. He expects users will not suffer financial losses as a result, and believes the industry's experience in handling attacks helps improve security. Brett Falk, a professor at the University of Pennsylvania, also leans toward having traders keep funds on platforms backed by company financial resources, rather than self-custody wallets with no compensation after attacks.

The role of regulation is also debated. CFTC Chairman Michael Selig stated that this incident occurred on offshore platforms that lack safeguards equivalent to those in U.S. financial markets. He hopes to provide relevant trading platforms with a federal regulatory option to register with the CFTC, subjecting them to corresponding cybersecurity requirements. But Falk believes U.S. regulation may not necessarily prevent similar attacks. Ryan Kirkley, CEO of Global Settlement Network, advises caution about depositing funds into wallets lacking insurance support until financial institutions upgrade their security infrastructure. He believes there is currently no solution on the market that can universally ensure assets are truly secure.