Indian Lawmaker Invokes Binance Attack in Crypto Lobby Criticism

An Indian lawmaker invoked Binance’s hot-wallet attack in criticism of a crypto and Bitcoin “invisible lobby,” then questioned whether crypto supporters in India were backing regime-change movements.

Dr. Nishikant Dubey, a Bharatiya Janata Party member of India’s Lok Sabha representing Godda, Jharkhand, made the remarks in an Oct. 31 post on X. He described the lobby as damaging the global economy and asked whether crypto supporters were promoting regime change. He named no organization and proposed no specific policy action.

The post offered no evidence connecting the Binance attack to lobbying or political activity. Binance estimated that the Oct. 29 attack affected about $6.3 billion in token assets. The exchange placed the incident at about 4:05 p.m. ET (20:05 UTC). The affected-asset estimate is not a final net-loss figure.

India’s Parliament Standing Committee on Finance selected a study on virtual digital assets in August 2025. In an August 2024 response to Parliament, the government said those assets were unregulated at the time and that no legislation proposal was then in place. The response also said Financial Intelligence Unit–India (FIU-India) could designate virtual digital asset providers as reporting entities under the Prevention of Money Laundering Act.