According to CFTC Chairman Michael Selig speaking to CNBC on Friday, the $6.4 billion Binance hack demonstrates the case for U.S. regulatory oversight of offshore crypto exchanges. Selig said the breach "proves our exact point" behind crypto-market regulations the CFTC proposed earlier this month, arguing such venues should register with the agency and submit to the same cybersecurity standards governing U.S. financial markets.

Binance said Friday its investigation uncovered "additional points of breach" beyond the initially reported compromised DevOps engineer laptop, describing it as "a more complex attack process." The attacker used Ethereum's EIP-7702 feature to convert a Binance hot wallet into a sweeper using 50 pre-signed authorizations.

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