Binance said attackers compromised its hot wallets on Oct. 29 and withdrew tokens worth about $6.3 billion. The exchange said it would cover all losses using its own funds and the SAFU fund. It planned to restore withdrawals in stages only after completing security checks, and said it would publish a new Proof of Reserves report by Nov. 2 and a technical report on the attack.
U.S. Sen. Cynthia Lummis cited the hack to argue that the CLARITY Act could have given crypto firms legal protection to freeze suspicious transactions at law enforcement’s request. The bill failed in the U.S. Senate. Blockaid CEO Ido Ben-Natan attributed the Binance, Bybit and Bitget hacks to operational security failures that enabled unauthorized transaction signing.
