Binance said about $3 billion of an estimated $6.3 billion in stolen crypto had been frozen onchain, while the attackers still controlled billions. Frozen funds cannot be spent by the suspected attackers, but they have not necessarily been recovered for Binance or its users. Elliptic separately estimated that $2.84 billion had been frozen by 7:00 am UTC on Friday and that the attackers still controlled about $3.33 billion in assets issuers could not freeze.
Token issuers froze USDT and USDC at addresses linked to the theft as the attackers converted assets into Bitcoin and Ether, which have no central issuer able to blacklist addresses. Binance said it was working with law enforcement, issuers and blockchain analysts to trace more funds, and pledged to cover losses with company funds and its user protection fund.
