Just turned my phone on after landing in London to news of the @binance hack, which is shaping up to be the biggest exploit in history. Reports put total outflows at about $5.9 billion so far and @cz_binance says losses could exceed $1 billion.

One silver lining people keep pointing to: Binance, the world’s largest crypto exchange, has the resources to make customers whole. Stablecoin issuers also jumped into action quickly, freezing more than $1.5 billion in funds linked to the hack.

Meanwhile, @BinanceUS is assuring customers it’s a separate entity from Binance Global and was not affected by the hack.

Crypto has seen more than 200 security incidents this year, including Bitget’s nearly $388 million hack.

The industry just can’t catch a break.