CFTC chair cites Binance’s $6.3 billion hack to push offshore exchange registration

Michael Selig says the largest theft in crypto history makes the case for a voluntary US cybersecurity pathway for offshore platforms The biggest heist in crypto history is now a regulatory talking point. CFTC Chairman Michael Selig said the Binance hack, with estimated losses of $6.3 billion, supports his agency’s plan to let offshore exchanges register under US cybersecurity safeguards. Selig made the case in a CNBC interview on October 30, 2026, one day after the attack. The hack took place on October 29, 2026. Attackers reportedly drained the funds in approximately 20 minutes. The estimated $6.3 billion loss makes this the largest theft the crypto industry has recorded. The previous record was a $1.5 billion theft linked to TraderTraitor, a North Korean hacking group.

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