Fed and OCC Contact Banks Over Binance Attack Impact, Approximately $6.34 Billion in Assets Affected

Odaily Report: The U.S. Federal Reserve and the Office of the Comptroller of the Currency (OCC) began contacting banks on Monday to inquire whether any abnormal activity or service disruptions had occurred. Binance suffered an attack on October 29, with approximately $6.34 billion in digital assets affected; as of the publication of the incident report, approximately $2.85 billion in assets had been frozen or intercepted.

Banks are assessing the attack and checking their systems to determine whether they can respond to similar threats. The cybersecurity team of a major U.S. bank contacted Binance within hours of the attack; Binance said it has shared the publicly released incident report with all banking partners and is currently unaware of any vulnerabilities affecting these partner banks.

The Federal Reserve eliminated in April 2025 the requirement for state member banks to notify regulators before conducting crypto business, and said it will continue to supervise related activities through its regular supervisory processes. Stefan Muehlbauer, head of U.S. government affairs at CertiK, said regulators may pay further attention to banks' crypto asset custody, counterparty risk, and incident response. (Cointelegraph)