Binance $6.3B record hack sparks pre-election political chatter

Soon after the $6.3 billion hack of Binance, the biggest in crypto history, some political and administration figures began offering opinions with a US election approaching on Nov. 3 and voting already having begun in many locations.

President Donald Trump was asked at a news conference on Friday about the hack of Binance. “We don’t know. We’re looking at that, the hack with Binance. They’re saying they’re going to get it back, they’re saying they’re guaranteeing it,” he replied.

The crypto exchange said in a post on X late Friday that it would cover any losses. “We want to be clear about our commitment: Binance will absorb the financial impact of these stolen funds, not our users.” It added that about $3 billion of the stolen funds had already been frozen in various locations.

It was not clear whether there was any immediate political advantage to be gained from the hack, which was widely attributed to a North Korean group, but Republican and Democratic sides began staking out positions almost immediately.

Wyoming Senator Cynthia Lummis, a Republican and longtime crypto advocate, cited the stalled Clarity Act in a Friday post on X. “Yesterday, hackers stole more than $6 billion from Binance in less than 4 hours, the biggest heist in history. The Clarity Act would have given crypto firms legal cover to freeze suspicious transactions the instant law enforcement calls. Every minute lost is money gone for good,” she wrote.