Hackers have stolen approximately $6.36 billion from Binance in the largest cryptocurrency theft on record. Days later, Brazil's Mercado Bitcoin was hit by another major attack. So just how safe are the world's biggest crypto exchanges?

In this episode of the Payment Expert Podcast, host and News Editor Lewis Thompson is joined by senior business journalist Kieran to examine two major crypto security incidents and what they could mean for the future of digital asset protection.

On 29 October 2026, approximately $6.36 billion was stolen from Binance wallets across multiple blockchains, with much of the theft taking place in around 20 minutes. Blockchain intelligence firm TRM Labs has attributed the attack to TraderTraitor, a North Korea-linked hacking group.

Just days later, Mercado Bitcoin suffered a separate breach, with blockchain investigators estimating tens of millions of dollars in stolen assets.

The incidents have raised major questions about exchange security, hot wallets, customer funds and the growing concentration of cryptocurrency assets within large centralised platforms.

Lewis and Kieran discuss how the attacks unfolded, why online-connected wallets present security challenges, and whether customers can rely on crypto exchanges to reimburse their losses.

They also explore the role of stablecoin issuers such as Tether and Circle in freezing stolen funds, the differences between crypto exchange protections and traditional banking safeguards, and whether cryptocurrency is moving further away from its original promise of decentralisation.

In this episode:

How the record $6.36 billion Binance hack unfolded
Why investigators have linked the attack to North Korea's TraderTraitor group
What happened during the Mercado Bitcoin security breach
The risks associated with crypto hot wallets
Whether customers can recover stolen cryptocurrency
How stablecoin issuers can freeze assets
Binance's emergency customer protection fund
Centralised exchanges versus self-custody
The future of cryptocurrency security and regulation

For more payments industry news, insight and analysis, visit:
https://paymentexpert.com/

Subscribe to the Payment Expert Podcast for conversations about payments, fintech, cryptocurrency, digital assets and financial technology.

#Binance #CryptoHack #PaymentExpert #Cryptocurrency #Cybersecurity

This episode breaks down the UK Competition and Markets Authority's proposals to force Apple to open the iPhone’s contactless NFC chip to rival wallets, and what that means for banks, fintechs, and consumers.

Key Topics

• The CMA's core demands: Requiring Apple to offer both Host Card Emulation (HCE) and Secure Element (SE) access, Express Mode functionality, and alternative default wallet selection.
• Why the 2024 opening failed: How Apple's existing commercial fees and restrictive SE-only platform kept rival wallets from launching in the UK.
• The security vs. open-access debate: Examining Apple’s security concerns against the fact that Android and the EU already operate safely on free HCE models.
• Global regulatory precedents: Comparing the UK's approach to the EU's binding free-access settlement, Brazil’s ongoing fight over contactless Pix, and earlier attempts in Germany and Australia.
• Wider industry impact: How open NFC could enable in-store "Pay by Bank" options, unlock transit and digital ID services, and whether UK consumers will actually see third-party wallets by late 2027.

Host: Louis Thompsett
Guest: Kieran O'Connor
Producer: Anaya McDonald
Editor: Anaya McDonald

Learn more about the latest payments insights: https://paymentexpert.com

In this episode, we explore the latest developments in AI regulation within the financial industry, including the FSB's final AI guidance, the EU AI Act, and the FCA's plans to become an agentic regulator. We discuss the implications for payment firms, fraud prevention, and the need for standardised AI practices.

Key Topics

• FSB's 12 AI practices for financial firms
• The role of human oversight in AI deployment
• Risks of AI agents in payments and commerce
• Regulatory approaches: FCA, EU AI Act, and others
• The importance of standardized AI practices
• Implications for fraud detection and prevention
• The concept of agentic AI and its regulation
• Future challenges in AI regulation and compliance

Host: Louis Thompsett
Guests: Kieran O'Connor & Callum Williams
Producer: Anaya McDonald
Editor: Anaya McDonald

Learn more about the latest payments insights: https://paymentexpert.com