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Fed and OCC ask US banks about security after $6.3bn Binance hack
US banking supervisors contacted lenders from 2 Nov to ask about suspicious activity and cyber weaknesses after the $6.3bn Binance theft on 29 Oct, Reuters reports.
Why it matters: The inquiries show US supervisors testing whether traditional lenders could be exposed to the same attack methods used against the world's largest crypto exchange.
Key points
- The Federal Reserve and the OCC began contacting US banks on 2 Nov, three days after the Binance hack.
- The FBI attributed the 29 Oct theft, put at about $6.3bn, to North Korea-linked Tradertraitor hackers.
- French bank Crédit Mutuel Arkéa confirmed a cyberattack on 4 Nov, with over $133m in suspected stolen funds traced.
The Federal Reserve and the Office of the Comptroller of the Currency contacted US banks after the $6.3bn Binance hack, Reuters reported on 5 Nov. Supervisors began the outreach on 2 Nov, asking lenders whether they had seen suspicious transactions, service disruptions or cybersecurity weaknesses since the 29 Oct theft. Reuters cited several sources familiar with the matter.
The inquiries followed one of the largest thefts recorded in crypto, at Binance, the largest exchange by trading volume. One banking source told Reuters there were no operational interruptions, though staff prepared talking points for customers. Several major banks began internal checks on whether their defences could withstand similar attacks, and cyber staff at one large US bank contacted Binance directly within hours. The Fed and the OCC declined to comment.
North Korea link
The FBI attributed the Binance theft to Tradertraitor, a North Korean state-linked group tied to earlier crypto thefts and the Lazarus Group. Investigators described malicious software, fake job interviews and compromised employee computers, with attackers reaching systems that authorise withdrawals. Binance said it would reimburse affected customers and was working with law enforcement and stablecoin issuers to freeze stolen assets.
The scrutiny comes alongside a separate incident at French banking group Crédit Mutuel Arkéa, which confirmed a cyberattack involving fraudulent transactions on 4 Nov. The blockchain investigator ZachXBT traced more than $133m in suspected stolen funds through crypto platforms. The bank said customer assets were protected and the incident contained. The article reports no established link between the two attacks.
Live updates on NewsFeeds:RegulationDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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