Binance $6.3B Hack Triggers Crypto Selloff and Political Fallout

Binance said hackers stole approximately $6.3 billion in what the exchange described as the largest theft in crypto history. In a post on X, Binance committed to absorbing the financial impact rather than shifting losses to users. The company reported that about $3 billion of the stolen assets had been frozen across multiple jurisdictions and that it had covered 90% of the affected funds by Saturday.

The breach triggered a sharp selloff in publicly traded crypto-linked companies. Coinbase shares fell more than 13%, partly after the company reported lower third-quarter revenue. Circle Internet Group dropped over 9%, Strategy declined about 8%, IREN lost more than 10%, and Figure Technology Solutions fell roughly 9%, according to Yahoo Finance data cited by CoinTelegraph.

The hack also spilled into politics as the November 3 US election approached. President Donald Trump said the administration was investigating and noted Binance’s promise to recover the funds. The incident, widely attributed to a North Korean group, prompted both Republican and Democratic figures to position themselves on digital-asset security, although no immediate political advantage was clear.

Crypto markets remained volatile following the disclosure. Bitcoin traded around $77,519.87, while Monero was near $598.60, BNB around $703.55, Stellar at roughly $0.1694, Solana near $95.39, and Hyperliquid at about $87.91. The combination of record losses, cross-border asset freezes and election-year scrutiny is likely to keep regulatory and cybersecurity concerns in focus.