Binance $6.3B Hack Triggers Crypto Stock Selloff Before U.S. Election

Binance’s reported $6.3 billion breach, described as the largest hack in crypto history, has triggered political scrutiny ahead of the November 3 U.S. election. President Donald Trump said the administration was investigating the incident after Binance indicated that it would guarantee the recovery of stolen funds. The attack was widely attributed to a North Korean group, with both Republican and Democratic figures quickly outlining their positions.

Binance said it would absorb the financial impact rather than shift losses to users. The exchange also reported that approximately $3 billion of the stolen assets had been frozen across multiple jurisdictions and that it had covered 90% of the affected losses by Saturday. Earlier, Binance said it had reserved more than $6.34 billion to address potential losses from the security breach.

Crypto-linked equities sold off sharply following Thursday’s disclosure of the attack and Coinbase’s report of lower third-quarter revenue. Coinbase shares fell more than 13%, while Circle Internet Group dropped over 9% and Bitcoin treasury company Strategy declined about 8%. IREN, a Bitcoin mining and data-center operator, lost more than 10%, while Figure Technology Solutions fell roughly 9%.

The incident has placed additional pressure on crypto markets and companies exposed to digital-asset activity. Bitcoin traded around $77,870.72, while the selloff spread across crypto-related equities as investors assessed the financial, regulatory and reputational risks posed by the record-scale exploit.