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Binance hack: CFTC chief says blockchain data may help trace stolen crypto

CFTC chair Michael Selig told CNBC blockchain records give investigators a good chance to trace funds from the Binance hack, per Stocktwits.

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what happened

CFTC Chairman Michael Selig said on Friday that investigators have a solid chance of following money taken in the Binance breach, since every transaction stays visible on the public ledger. He made the remarks in a CNBC interview. Stocktwits reports that the attack, which hit the world's largest crypto exchange on Thursday night, caused losses of around $6.34 billion.

Selig acknowledged that the attack targeted systems around the blockchain rather than the chain itself, but said stolen coins can move quickly and attackers may use mixers such as Tornado Cash. Even so, he argued that transaction history gives investigators more to work with than a conventional bank robbery. The CFTC will also support law enforcement.

Selig is using the incident to argue for regulating offshore exchanges. The agency proposes an optional federal registration with cybersecurity requirements similar to those in U.S. financial markets.

why it matters

After the news, Bitcoin and BNB fell: BTC dropped as much as 4.5%, to about $77,500, and crypto liquidations reached $1.65 billion, of which $1.45 billion came from long positions. Stocktwits notes that Bitcoin, Ethereum and BNB dropped to one-month lows.

market impact

Bitcoin and BNB: hack fears and forced liquidations are pressuring prices

  • Bitcoin pressure down — forced liquidations of long positions and risk aversion after the hack
  • BNB pressure down — confidence in the exchange's token weakened after the breach

tags

CryptoSecurity

instruments

BTCBNBETH

sources

  1. Binance Hacked: CFTC Chair Says Blockchain Gives ‘A Very Good Shot’ At Tracing Stolen Funds — Stocktwits, 30 October 2026 at 17:32 UTC

prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.

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