Donald Trump · Republicans · Democrats · The Block
President Trump confirms they’re looking into Binance hack as calls grow for crypto rules
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
◎ Multiple-sources
Following the $6.3 billion hack of the world's largest crypto exchange, Binance, calls are growing for legislation and for firms like Binance to move onshore.
Key facts
- In 2023, the exchange's previous CEO Changpeng Zhao pleaded guilty to failing to implement adequate anti-money-laundering controls at Binance as part of a sweeping $4 billion settlement
- Yesterday, hackers stole more than $6 billion from Binance in less than 4 hours, the biggest heist in history," said one of the bill's negotiators, Sen
- Following the $6.3 billion hack of the world's largest crypto exchange, Binance, calls are growing for legislation and for firms like Binance to move onshore
- On Thursday, Binance suffered that blow following what its co-CEO Richard Teng said was caused in part by a compromised DevOps engineer's laptop that gave an attacker access to a service container
Summary
On Thursday, Binance suffered that blow following what its co-CEO Richard Teng said was caused in part by a compromised DevOps engineer's laptop that gave an attacker access to a service container used to submit unauthorized withdrawal transactions. During a press conference on Friday afternoon, President Donald Trump said he was looking into the hack, adding that Binance has said they are ensuring customers get their funds back. "But it's a hack," he said. Earlier on CNBC, Commodity Futures Trading Commission Chair Michael Selig pointed to Binance not being federally regulated by his agency as an issue.