Crypto markets are sliding after what looks like the biggest theft in the industry's history, and it's bad news for anyone with money on an exchange.

• Billions in Bitcoin, Ethereum, Tron, and other coins were drained from Binance before anyone could stop it, with the total damage now put around $6 billion.
• Binance has frozen all withdrawals while it investigates, leaving customers unable to touch money they considered their life savings.
• Tether and Circle managed to freeze about $3 billion of the stolen funds, which helps recovery efforts but raises hard questions about whether exchanges can actually keep customer money safe.
• There are unconfirmed rumors the hack could be an inside job or even the work of a government-backed group like North Korea.
• The damage isn't limited to Binance — hardware wallet supply chains across the industry appear to have been compromised too.

Outlook: Expect other exchanges to tighten security and face pressure to prove customer funds are safe, while more traders pull money off exchanges and into their own wallets until the investigation settles.