The $6.3 billion Binance hack, described as the crypto industry’s largest security incident, has revived debate over U.S. regulation of exchanges. Senator Cynthia Lummis said the CLARITY Act would have given crypto firms legal clarity to freeze transactions flagged by law enforcement, while CFTC Chair Mike Selig advocated federal registration for offshore exchanges. According to Glassnode, the amount stolen already exceeds the combined value of the next nine largest crypto hacks. On October 30, total value locked in decentralized finance fell 5.3% to $83.95 billion, while stablecoin supply declined to $296.6 billion. About $1.5 billion in leveraged positions were liquidated as Bitcoin briefly dropped to $76,400, before Binance said it expected to resume withdrawals within 48 hours.
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