Binance Sets Aside $6.34 Billion to Cover Hack Losses as FBI and Secret Service Join Recovery

Binance has reserved $6.34 billion of its own funds to cover losses from the $6.3 billion hack disclosed on Friday, October 30, and says about $3 billion of the stolen assets were frozen as of that day.

In an update on X, the exchange said it has begun recovering affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover additional funds. Of the $6.34 billion set aside, $5 billion is already held in the affected cryptocurrencies; the remainder is being bought through market and over-the-counter channels to match the stolen tokens’ formats, a slower process because some of those tokens trade thinly.

“Update: The current verified total frozen amount is around $3 billion,” the company’s later update reads, adding that it will share only confirmed figures. Binance said the frozen total counts only assets already immobilised, not those still under recovery or verification, and described the figure as provisional. It did not disclose the wallet addresses behind the theft, citing security concerns, so the recovery figures cannot be checked on-chain.

The federal response is running alongside the company’s own effort. The FBI said it is working with government and industry partners to assess the incident’s scope and coordinate investigative steps, and a Secret Service spokesperson said its investigators are “working around the clock” with private-sector partners to recover stolen funds. Blockchain intelligence firm TRM Labs has attributed the attack to North Korea’s TraderTraitor group, an assessment no US government agency has yet confirmed.

Making users whole is the company’s stated commitment. Binance said deposits and withdrawals are temporarily suspended as a precaution while it conducts security checks, and that it aims to begin reopening them in stages from Sunday, subject to those checks, with proof of reserves results expected Monday. The suspension followed heavy selling in the market after the disclosure, which pulled BNB down 8% and Bitcoin to a six-week low.

North Korea’s theft record gives the recovery effort its scale: state-linked groups took $2 billion in crypto during 2025, and the Binance breach alone now tops that annual figure. The next dated step is Monday, when Binance’s proof of reserves results are due.