Changpeng Zhao, co-founder and former CEO of Binance, publicly thanked U.S. law enforcement agencies for their handling of the fallout from a hack on the exchange that involved more than $6 billion and was attributed to North Korean hackers.
Zhao said the U.S. authorities' response helped keep the broader crypto market from collapsing after the breach. Binance is still working to recover from the incident, and Zhao's comments mark a rare public acknowledgment of the role American officials played in stabilizing the situation.
The scale of the breach
The hack, which Zhao linked to North Korean actors, exceeded $6 billion — a figure that puts it among the largest known crypto thefts. The attackers remain unidentified beyond the North Korean attribution, and no arrests have been announced. Binance has not disclosed a detailed timeline for full recovery, and the exchange continues to deal with the aftermath.
Zhao, who is no longer Binance's CEO, framed the U.S. agencies' work as a backstop for a market that could have spiraled. He didn't name specific agencies or outline exactly what they did, but his praise suggests their involvement went beyond routine investigation.
Why U.S. agencies mattered
Crypto markets are notoriously sensitive to exchange failures. A hack of this size — with billions of dollars at stake — can trigger panic selling and a loss of confidence that spreads across platforms. According to Zhao, the U.S. response helped prevent that chain reaction.
The involvement of American law enforcement in a global crypto case is notable given the industry's often uneasy relationship with regulators. Zhao's comments signal that, in this instance at least, government intervention was seen as a stabilizing force rather than a hindrance.
Binance's recovery continues
Binance is still recovering from the hack. The exchange hasn't said when operations will return to normal or whether customers will be made whole. Zhao's remarks didn't include a recovery timeline or details on how much has been recovered so far.
For users, the key question is what happens next: whether Binance will fully restore balances and how the exchange plans to prevent a repeat. The company hasn't provided a public update on those points.
The North Korean link
North Korean hackers have been blamed for a string of high-profile crypto thefts in recent years, though the facts here don't specify which group was involved or how investigators made the attribution. Zhao's statement ties this breach to that broader pattern without offering new evidence.
The attribution matters because it affects how the U.S. and other governments respond — sanctions, indictments, and recovery efforts often follow. But no charges have been announced in this case, and it's unclear whether U.S. agencies are pursuing a formal investigation.
What's still unanswered
Zhao didn't say which agencies he was praising, what specific actions they took, or how much of the $6 billion has been recovered. Binance hasn't issued a public statement on the recovery timeline. Until those details emerge, the full picture of how the hack was contained — and what it cost — remains incomplete.
For now, the exchange is operating in recovery mode, and Zhao's comments serve as both a thank-you and a reminder that the crisis isn't over.
