Fed and OCC Probe Bank Security After Binance’s $6.3B Hack: Report
By Jamie Redman
The Federal Reserve and Office of the Comptroller of the Currency (OCC) contacted U.S. banks following Binance’s $6.3 billion hack, Reuters reported Nov. 5. Supervisors sought information about suspicious activity, service disruptions, and cybersecurity vulnerabilities. The regulatory inquiries followed the Oct. 29…
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Explained in this story
Federal Reserve
The central bank of the United States, which sets US interest rates and supervises banks.
Because the dollar is used worldwide, its rate decisions affect borrowing costs and markets in many other countries.
More about Federal ReserveCybersecurity
The practice of protecting computers, networks and data from attacks, theft and damage.
Breaches can expose personal data, halt businesses and threaten public services.
More about CybersecurityMore in Finance
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