FBI seizes $1.2 billion worth of cryptocurrency stolen from Binance in history’s largest heist

The FBI announced on Thursday that it had seized over $1.2 billion worth of cryptocurrency from Binance, the world's largest crypto exchange. This seizure is part of the recovery from the largest crypto theft ever recorded, where about $6.3 billion was stolen from Binance. North Korean hackers, known as TraderTraitor, are believed to be behind the theft.

The U.S. government and private sector have collectively frozen over $2.7 billion of the stolen funds. The Justice Department obtained court authorization to seize or restrain more than $1.2 billion of this total. Typically, the U.S. government files a claim of forfeiture with a judge, who then determines who has a legitimate claim to the recovered funds.

Additionally, the FBI attributed a separate social engineering scheme, known as FaceStealer, to North Korea. This scheme resulted in the theft of $400 million worth of cryptocurrency over the past 18 months. FaceStealer involved a complex chain of events, including the hijacking of popular messaging apps and the creation of deepfake videos.

U.S. officials have consistently accused North Korea of using cyber schemes to fund its regime, including its illicit weapons program.