Binance Teams Up With the FBI to Recover $3 Billion in Frozen Hack Funds

Binance is working with the FBI to help recover part of the funds taken in the record $6.3 billion exploit, according to a source familiar with the matter. The exchange confirmed its cooperation with law enforcement in a Friday post on X, though it did not name the agencies involved. The FBI has not yet responded to requests for more details. Binance says industry partners have already frozen $3 billion of the stolen assets, and it is now working with authorities to get that money back.

How Binance Plans to Cover the Losses

The exchange says it has reserved more than $6.34 billion of its own funds to cover the shortfall. About $5 billion of that is already held in the exact tokens that were stolen, which makes it easier to restore customer balances without selling assets into a falling market. Binance is the largest crypto exchange by reserves, with $134 billion in total assets, and DefiLlama data shows it processed about $6 billion in outflows over the past 24 hours.

Past Cases of Stolen Crypto Recovery

Recovering stolen crypto is difficult, but it has happened before. In February 2022, the US Department of Justice said law enforcement agencies, including the FBI, helped seize 94,000 bitcoin linked to the 2016 Bitfinex exchange hack. Those coins were valued at $3.6 billion at the time.