Answered from Michigan Midterm Drama, Crypto Heist, and Guest Hillary Clinton · Pivot · 2026-11-03
Binance lost $6.3 billion in what was described as the biggest crypto theft ever, which the FBI attributed to North Korea, and later said it had recovered about 95%. Scott Galloway's point was scale: $6 billion against a roughly $30 billion economy is a 20% gain in a week, while Binance lost only about 2% of the assets it holds. He argued hacking and AI have become North Korea's core competence and that theft has long been a growth strategy, citing America's own copying of European manufacturing in the 19th century.
Source: our own transcription of the episode. The full conversation is on Pivot (2026-11-03). Read the whole episode summary →