Binance $6.3B Hack Sparks Crypto Stock Selloff and US Clash

Bitcoin traded near $77,971.98 as the crypto industry confronted the reported $6.3 billion breach of Binance, which the exchange described as the largest hack in cryptocurrency history. The incident was widely attributed to a North Korean group and was disclosed Thursday, sending shockwaves through cryptocurrency markets and publicly traded blockchain companies.

The hack also intensified political reactions ahead of the November 3 US election. President Donald Trump said at a Friday news conference that the administration was investigating the breach and noted Binance’s promise to recover the funds. Republican and Democratic figures quickly began positioning themselves on the issue while early voting was already underway in parts of the country.

Binance said in a post on X late Friday that it would absorb the financial impact and guarantee affected users would not lose money. The exchange reported that approximately $3 billion of stolen funds had been frozen in multiple jurisdictions and said by Saturday that it had covered 90% of the affected losses, setting aside more than $6.34 billion.

Crypto-linked equities sold off sharply following the disclosure. Coinbase shares fell more than 13%, partly after the company reported lower third-quarter revenue. Circle Internet Group dropped more than 9%, Strategy declined about 8%, IREN fell more than 10%, and Figure Technology Solutions lost roughly 9%, according to Yahoo Finance data.