Binance co-founder Changpeng Zhao (CZ) has thanked the US Secret Service and other law enforcement agencies for helping track and freeze funds stolen in the $6.3 billion Binance hack.
In a statement shared on X, CZ praised the agencies for responding within minutes and working with industry partners to contain the damage. He also said their efforts helped reduce the risk of wider disruption across the cryptocurrency industry and financial markets.
CZ wrote:
Thank you, @SecretService, and all the agencies and industry partners involved. You acted within minutes to help track and freeze stolen funds, and the work continues.
Your speed, expertise, and dedication helped contain the damage and reduce the risk of potential ripple effects across crypto and, may I say, even the broader financial markets.
Deeply grateful. 🙏🙏🙏🙏
His comments come as Binance, law enforcement agencies and other industry partners continue efforts to recover assets linked to the attack.
FBI Links Binance Hack to North Korean Hackers
The Federal Bureau of Investigation (FBI) has attributed the Binance hack to North Korean state-sponsored hackers.
The agency identified the operation as TraderTraitor and warned that the attackers were moving stolen cryptocurrency, primarily into Ethereum.
According to the FBI, the hackers could use decentralised finance (DeFi) platforms and instant swap services to move the assets and make them harder to trace.
The agency also released cryptocurrency wallet addresses linked to the stolen funds. It urged cryptocurrency exchanges, DeFi platforms, infrastructure providers and other industry participants to block transactions involving those addresses and any funds derived from them.
The warning highlights the continuing risk of stolen crypto moving across different blockchain networks and services.
Binance Hack Recovery Efforts Reach Billions
Binance and its industry partners have reportedly frozen approximately $3 billion in assets connected to the attack through their combined recovery efforts.
However, tracking and freezing stolen cryptocurrency remains a complex process. Funds can move quickly between wallets, exchanges and blockchain networks, making cooperation between law enforcement agencies and private companies essential.
Binance also set aside more than $6.34 billion to address the impact of the incident. The exchange initially secured approximately $5 billion in corresponding token assets, representing about 80% of the affected funds.
A subsequent update indicated that Binance had replenished approximately 90% of the affected assets, with ten major tokens, including Bitcoin, Ethereum and USDT, fully backed.
Binance Begins Restoring Withdrawals
As recovery efforts continued, Binance began restoring withdrawals in phases on November 1.
The exchange initially reopened withdrawals for selected cryptocurrencies and networks rather than restoring every service at once.
The phased approach allows the platform to resume operations while monitoring its systems and the movement of funds associated with the attack.
For users, the restoration of withdrawals marks an important step towards normal operations. However, the ongoing FBI warning shows that the security investigation and efforts to recover stolen assets are not yet over.
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What the Binance Hack Means for Crypto Security
The incident highlights the importance of cooperation between cryptocurrency exchanges, blockchain analytics firms, law enforcement agencies and other industry participants.
Although blockchain transactions are publicly traceable, attackers can still move stolen funds through multiple networks and services in an attempt to obscure their origins.
CZ’s acknowledgement of the US agencies also underscores how quickly coordinated action can help limit the impact of a major crypto security incident.
With the FBI continuing to track the stolen assets and Binance working with industry partners, the recovery effort remains ongoing.
