Is Coinbase Safe After the $6 Billion Binance Hack?

Dextape brief

By Dextape Desk · November 1, 2026

Hackers stole more than $8 billion from Binance, Bybit and Bitget over 20 months, and none of the attacks obtained private keys. Instead, each breach tricked the exchange's internal systems into approving withdrawals. The October 29 Binance theft amounted to roughly $6.3 billion; Co-CEO Richard Teng linked it to a compromised engineer's laptop, while Bybit's February 2025 loss came to close to $1.5 billion after attackers slipped code into Safe{Wallet}. The FBI pointed the finger at North Korea. The piece argues Coinbase differs because multi-party computation divides each private key into fragments stored on different devices, and that it writes all its security-critical software internally. Zeeme, a researcher, contends that this closes off each of the three methods used against rivals.

Why it matters: The episodes show that exchange approval systems, not stolen keys, were the attack point, which bears on how custodians holding large amounts of crypto secure transfers.

Mentioned: Coinbase, Binance

Summary by Dextape, based on reporting by BeInCrypto. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.