alt Hacker News> I think Binance needs to start having IT Security like a bank as well.
I don't disagree but note that apparently a bank in France, Credit Mutuel (and it's Fortuneo online arm), just got robbed of hundreds of millions of EUR: hackers who have beforehand created accounts on Kraken (a cryptocurrencies exchange) and who then wired millions to different accounts, bought cryptocurrencies, and withdraw the crypto.
But the hack was really stealing hundreds of millions from the bank.
So not even banks are safe now.
Banks were never "safe" from fraud or theft, even before cryptocurrency existed. The key point was that customer accounts were segregated, and any customer losses were fully insured.