Hacking News
Binance Hack Reveals Need for US Oversight
CFTC Chairman Michael Selig argued that the $6.4 billion Binance hack shows the need for U.S. oversight of offshore crypto exchanges. Selig suggested that these exchanges register with the CFTC and adopt U.S.-grade cybersecurity standards. The breach, he said, exploited a vulnerability introduced from someone's laptop, similar to incidents in traditional markets but with faster and more obscured fund movements due to crypto features like EIP-7702.