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Crypto — Crime — Technology

How Did US Authorities Recover $1.2 Billion In Stolen Binance Cryptocurrency

The October 29 breach resulted in losses exceeding $6 billion and has been attributed by the FBI to North Korean military-linked hackers known as TraderTraitor.

,   and  TIPP Staff
2 min read
Photo by Vadim Art / Unsplash

The US Department of Justice (DOJ) has secured court approval to seize or freeze more than $1.2 billion in cryptocurrency stolen from Binance in a major cyberattack last month.

The October 29 breach resulted in losses exceeding $6 billion and has been attributed by the FBI to North Korean military-linked hackers known as TraderTraitor.

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According to the DOJ, coordinated efforts involving government agencies and private-sector companies have frozen more than $2.7 billion of the stolen assets. However, authorities are still tracking funds as hackers attempt to launder them through cryptocurrency networks.

The DOJ also disrupted cloud infrastructure linked to FaceStealer, a separate cybercrime operation that allegedly stole more than $400 million over 18 months. The scheme used AI-generated deepfakes and fake video meetings to trick victims into installing malware and surrendering access to their accounts.

US officials accused North Korea of using cryptocurrency theft to finance its regime and weapons programme.

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FBI Seizes $1.2 Billion In Cryptocurrency Stolen From Binance
Investigators also identified a separate social engineering operation called FaceStealer, which North Korea allegedly used to steal $400 million in cryptocurrency over the past 18 months.
tippinsightsPower & Capital Desk

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