Binance confirmed it suffered the largest cryptocurrency theft on record, valued at $6.3 billion. The exchange said it had already covered 90% of the losses, frozen about $3 billion of stolen funds and set aside more than $6.34 billion, including $5 billion held in the same tokens that were stolen. The hack triggered a sell-off in crypto-linked stocks, including Coinbase, Circle Internet Group, Strategy, IREN and Figure Technology Solutions. The incident also prompted responses from Republican and Democratic political figures ahead of the US presidential election on November 3. Donald Trump said the administration was looking into the hack, while Binance said it would absorb the full financial impact without passing any losses on to its users.
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