We’ve recovered $1.2bn worth of cryptocurrency stolen from Binance — FBI - Tribune Online
The United States Federal Bureau of Investigation has recovered more than $1.2 billion worth of cryptocurrency stolen from Binance, the world's largest cryptocurrency exchange, in what authorities have described as the biggest crypto heist in history.
The FBI announced the recovery on Thursday, November 12, after attributing the theft of approximately $6.3 billion in digital assets to a North Korean hacking group known as TraderTraitor. The stolen funds were taken from Binance last month, prompting a joint effort by US authorities and private-sector organizations to trace and freeze the assets.
The US government and private-sector partners have so far frozen more than $2.7 billion of the stolen cryptocurrency. The Justice Department said it had obtained court authorization to seize or restrain more than $1.2 billion of the frozen funds.
By springing into action at a moment's notice, we worked together to freeze this massive criminal fraud in its tracks.
North Korean Cyber Operations
The FBI has accused North Korea of carrying out a separate cybercrime operation that allegedly generated about $400 million through cryptocurrency theft over the past 18 months. The scheme, identified as FaceStealer, reportedly involved a series of social engineering techniques, including hijacking popular messaging applications and recording deepfake videos.
US officials said the operation was part of wider cyber activities allegedly used by North Korea to generate revenue for its government and support its weapons program. First Assistant US Attorney for the Central District of California, Bill Essayli, noted that cryptocurrency had become an increasingly attractive target for North Korean cybercriminals.
Cryptocurrency unfortunately has become fertile ground for North Korea to defraud victims and fund its malign activities.
Legal Process Ahead
In such cases, the US government typically files a forfeiture claim before a judge, who determines who has a legitimate right to the recovered assets. The development marks a significant step in efforts to recover funds linked to the cyberattack, although the legal process for determining ownership of the seized cryptocurrency may still be required.
The United States has repeatedly accused North Korea of using cyberattacks and cryptocurrency theft to raise funds for activities prohibited under international sanctions, including its weapons programs. The latest recovery effort highlights the growing role of digital assets in international cybercrime investigations and the challenges authorities face in tracing and recovering cryptocurrency stolen through complex hacking operations.
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