FBI says US has seized US$1.2bil worth of cryptocurrency stolen from Binance - The Star
The FBI announced on November 12 that it had seized over $1.2 billion worth of cryptocurrency stolen from Binance, the world's largest crypto exchange.
The theft of approximately $6.3 billion from Binance is considered the largest cryptocurrency heist in history. The FBI has previously attributed this breach to a North Korean hacking group known as TraderTraitor. The US government and private sector have collaborated to freeze more than $2.7 billion of the stolen funds.
Legal Action
On November 12, the US Justice Department announced it had obtained court authorization to seize or restrain over $1.2 billion of the frozen assets. Typically, the US government will file a claim of forfeiture with a judge, who will then determine the rightful owners of the recovered funds.
North Korean Schemes
US officials have repeatedly accused North Korea of using cyber schemes to generate funds for its regime, including its illicit weapons program.
Also on November 12, the FBI held North Korea responsible for a separate social engineering scheme called FaceStealer. This operation, which has resulted in the theft of $400 million worth of cryptocurrency over the past 18 months, involves hijacking popular messaging apps and creating deepfake videos.
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