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Since Monday, November 2, American banks have been receiving questions from two supervisory agencies: whether they had any unusual activity or service disruptions. The trigger was the $6.34 billion theft from Binance - there is no formal case, but banks' crypto risks are being examined in connection with this episode for the first time.
Michael Selig, chairman of the CFTC (the US derivatives market regulator), in an interview with CNBC on October 30 called the theft from Binance an argument in favor of federal rules for crypto exchanges operating outside the US.
On October 29, hackers breached Binance's hot wallets (the exchange's network-connected storage) and withdrew $6.3 billion in assets. Two days later, the story became political: Donald Trump said the administration was dealing with the incident, and letters demanding federal oversight of exchanges began arriving in Congress.
