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Finance· Verified

Crypto industry scrambles to upgrade security after record Binance theft

Crypto exchanges are taking quick action to bolster their defences and urging greater industry-wide information-sharing after a record $6.3 billion hack of Binance exposed their vulnerability just as they become more embedded in mainstream finance. Coinbase said it made adjustments to its systems that store cryptocurrency keys offline “solely out of an abundance of caution”, while Kraken said it was monitoring industry incidents for lessons it could apply to its defences. But the industry will need to move urgently, analysts and industry executives said, as United States President Donald Trump’s regulators promote deeper integration of digital assets into the financial system, raising the stakes for an industry with a history of big hacks. “For crypto to reach its full potential, the security situation must be addressed immediately,” said Chris Perkins, Franklin Templeton’s head of crypto. Binance, the world’s largest crypto exchange, halted withdrawals after Thursday’s attack, which analysts blamed on North Korea and said it would use company funds to cover the losses. Binance co-CEO Richard Teng said on X that the complex attack may have begun with a compromised software engineer’s laptop, giving hackers access to systems used to process withdrawals. The company later found additional breaches, while software designed to erase traces of the attack hampered the investigation. Rival crypto exchanges moved quickly on Friday to shore up their own systems and to reassure customers that their tokens were safe. Full-time teams at Kraken look for potential vulnerabilities every day, a Kraken spokesperson said. Still, even as the industry reeled from the biggest cryptocurrency heist of all time, executives expressed confidence that Binance had sufficient resources to cover the losses and that the hack would not have broader financial repercussions. Bitcoin fell more than 4 per cent on Thursday while ether, the second-largest cryptocurrency, fell more than 5pc, although both tokens recovered some of that ground on Friday. “Our expectation is the industry writ large will actually not suffer material losses, even though Binance is obviously going to have to deal with the exploit directly,” said Josh Riezman, chief legal and strategy officer at crypto firm GSR. The bulk of the heist unfolded in around 20 minutes late on Thursday and bore similarities to previous attacks blamed on North Korea, according to US blockchain analysis firms TRM Labs and Chainalysis. North Korea routinely denies involvement in cryptocurrency thefts, and its mission in Geneva did not respond to requests for comment. Hack involves social engineering, money laundering While much remains unclear, social engineering, a common tactic in which hackers trick victims into revealing sensitive information or granting access to systems, may have been involved in compromising the laptop, security experts said. Harry Donnelly, CEO of Circuit, a crypto risk infrastructure company, said companies are planning more employee training to guard against social engineering attacks. In such attacks, hackers race to launder the funds before the exchange detects the breach and token issuers freeze assets. Stablecoin issuer Tether said it had frozen nearly $1.57bn linked to Binance, while Circle said it froze $800 million. Bitcoin and ether cannot be frozen because no single entity controls the coins. Chainalysis said the hackers appeared to be using sophisticated laundering patterns it had not seen before. On Friday, some crypto exchange executives called for the industry to develop a coordinated hack detection system. “We need a real-time alert system that allows participants to share information immediately when a hack occurs, coordinate a rapid response, and temporarily freeze suspected stolen funds,” said Star Xu, CEO of crypto exchange OKX, in a post on X. GSR’s Riezman added that the Binance hack could spur the industry to act: “As we’re at this kind of confluence moment for traditional finance and digital assets, I think it’s obviously important that we continue to improve, and I think this, if anything, will be a catalyst for that.”

World· Verified

Keir Starmer urges deeper UK-Europe security ties amid shifting US role

Shift in dealings with Washington not likely to reset once Trump leaves Oval Office, former PM says The UK and other European nations must draw closer together as the US becomes a less-reliable partner, Keir Starmer has said in his first significant political intervention since leaving No 10. The former prime minister warned European leaders of the threat posed by Russia, among others, and said the shift in relations with Washington during Donald Trump’s presidency was not likely to reset once he leaves the Oval Office. He accused them of being caught out by these new realities twice already. Continue reading...

World· Verified

Iran supreme leader warns US and Israel against launching renewed strikes

Iran’s Supreme Leader Mojtaba Khamenei on Saturday warned the United States and Israel against returning to war, according to a written statement, following threats from the Islamic republic’s foes of a possible resumption of strikes. “If the enemies once again launch military or terrorist attacks, it is the armed forces of the Islamic Republic and the Iranian nation that will determine the time and conditions for ending them,” said a statement attributed to Khamenei posted on his website. The remarks came during a reported meeting between Khamenei and senior military commanders, including armed forces chief of staff Ali Abdollahi, army chief Amir Hatami and Revolutionary Guards commander Ahmad Vahidi. It was the first reported meeting between them. Khamenei has not been publicly seen since he became supreme leader, following his father Ayatollah Ali Khamenei’s assassination in US-Israeli strikes at the start of the Middle East war in February. According to the statement, Khamenei ordered the commanders to ensure that “any level or type of threat must be met with an immediate, impactful and geographically unrestricted response”. It also said that Khamenei ordered the commanders to update Iran’s target list to include “all types of tangible and intangible assets belonging to the American-Zionist (Israeli) enemy”. The war began on February 28 with US-Israeli strikes on Iran, which swiftly responded with attacks on countries around the region. The supreme leader’s statement came as fresh diplomatic efforts were under way to avert a resumption of fighting. A Qatari delegation arrived in Tehran on Friday for talks with Iranian officials, after Iran reportedly received a letter from US Vice President JD Vance. According to Iranian media, Tehran had yet to respond to the letter.

World· Developing

Ethiopian unrest triggers mass flight to Kenya as opposition demands protection

UN agencies report tens of thousands fled to Kenya Opposition political parties and United Nations agencies have voiced mounting concern over civilian casualties, security incidents, and displacement across parts of Ethiopia, urging immediate measures to protect citizens, investigate reported violations, and ensure accountability amid ongoing regional violence. The Ethiopian Citizens for Social Justice (EZEMA), in […]

World· Verified

Italy hit by nationwide general strike over living costs and public services

Farmers dumped manure on the streets of Turin on Friday as mass demonstrations unfurled across more than 50 cities in Italy. Fired up by a wave of similar protests elsewhere in Europe, tens of thousands of Italians took to the streets to protest soaring living costs and the poor state of public services such as … The post Major anti-government protests sweep across Italy appeared first on Egypt Independent.

Politics· Verified

Michigan Democrats rally behind Abdul El-Sayed following attacks from Trump

Endorsement not always full-throated but party backing marks major turn after bitter split over nomination Facing a barrage of extreme attacks from Donald Trump and his allies, the Democratic establishment is finally rallying around progressive Abdul El-Sayed, the party’s candidate in the closely watched US Senate election in Michigan. But the endorsement is not always full-throated, and often even omits his name. At a rally in Port Huron on Sunday, the US president launched the latest in a wave of Islamophobic rants against El-Sayed, erroneously branding him a “jihadist” and “Muslim Brotherhood member” while invoking 9/11. Continue reading...

Politics· Developing

Afghan immigrants face deportation from US under new Trump administration push

By Kanishka Singh WASHINGTON, Oct 30 (Reuters) - President Donald Trump's administration plans to deport some Afghan immigrants to Afghanistan, a US official and a coalition of veterans and advocacy groups said on Friday. • Many facing removal fled Afghanistan after the 2021 Taliban takeover and US withdrawal, said Shawn VanDiver, head of #AfghanEvac. • Some facing deportation are "brothers and sons of men who served alongside US forces, families the Taliban already has every reason to target," VanDiver added.