Binance $6.3 Billion Hack Becomes a Political Flashpoint Ahead of the US Election

The record $6.3 billion theft from Binance, widely blamed on a North Korean group, quickly drew comment from politicians as the November 3 election nears and early voting is underway. Asked about it on Friday, President Donald Trump said officials were looking into the matter and that Binance had promised to recover the money. The exchange said it will cover the losses itself instead of passing them to users, and that roughly $3 billion has been frozen. It is working with law enforcement, token issuers and other exchanges, and has pledged a full technical report.

Clarity Act and Crypto Regulation Debate

Republican Senator Cynthia Lummis argued that the stalled Clarity Act would have let firms freeze suspicious transfers the moment police asked. The Senate failed to advance the bill on September 15 amid disputes over ethics rules for officials and their families. CFTC Chair Michael Selig said the incident supports his push for rules, blaming unregulated offshore exchanges.

Democrats Question Trump Family Ties to Binance

Representative Maxine Waters said the hack should be a warning against loosening oversight. She pointed to Changpeng Zhao’s reported $2 billion gift to the Trump family’s World Liberty Financial, the SEC dropping its case under Chair Paul Atkins, and Trump’s pardon of Zhao.