Fed, OCC check US banks after Binance hack as experts flag security risks
The Federal Reserve and OCC reportedly contacted banks after Binance disclosed a $6.34 billion hack, asking about unusual activity or service disruptions. Banks reviewed their systems, while Binance said it shared its incident report with banking partners and knew of no vulnerabilities affecting them. The attack reportedly stemmed from compromised software, social engineering and stolen credentials; $2.85 billion had been frozen or intercepted. Experts said the incident highlights risks to banks offering crypto custody and payment services, including threats through compromised employees and third-party systems. Binance says it has strengthened controls and will bring in independent cybersecurity experts. The Fed declined to comment, and the OCC had not responded.
