US Secret Service continues investigation into $6.3bn Binance hack

The United States Secret Service confirmed on 1 November that it is continuing its active investigation into the $6.3 billion hack on cryptocurrency exchange Binance, Watcher Guru reported. The announcement comes as law enforcement agencies attempt to trace the perpetrators behind one of the largest security breaches in the digital asset sector.

Federal investigators from the Secret Service are conducting the inquiry alongside the FBI, according to earlier YourKhabri reporting. As part of the initial recovery effort, stablecoin issuer Tether froze $971 million in USDT linked to the security breach on 29 October. Binance later reopened user withdrawals in phases, processing $4.649 billion in withdrawal requests against $1.01 billion in fresh deposits.

Binance operates as the largest centralized cryptocurrency exchange globally and held $171 billion in assets under management prior to the attack. The resulting net outflow of $3.64 billion after withdrawals resumed accounted for 2.1 percent of its total customer funds. Binance said withdrawal volumes are declining and stabilising following the resumption of service.