The world's largest crypto exchange just suffered the biggest theft in history, and it's bad news for crypto's reputation as a safe place to store money.

• Hackers drained $6.3 billion from Binance in about 20 minutes, blamed on a North Korean hacking group, though no one has officially named suspects.
• Binance froze roughly half the stolen funds with help from other crypto firms, but the rest may be impossible to recover.
• Binance's founder, who was pardoned by Trump after pleading guilty to money-laundering violations and whose company has business ties to the Trump family's crypto venture, says user losses will be fully covered, but it's unclear where that money would actually come from.
• The news dragged down Bitcoin, Ethereum, and other coins, and also hit crypto-linked stocks, showing how shaky crypto confidence can spill into the regular stock market.
• Experts warn bigger hacks are coming as hacking tools get more advanced, raising doubts about whether crypto exchanges can ever be made truly secure.

Outlook: Expect continued scrutiny of crypto security and more market jitters, with little clarity yet on how the remaining stolen funds will be recovered.