US Details $2.7 Billion Freeze After North Korea’s Binance Hack

The United States has implemented a $2.7 billion freeze on funds following North Korea's massive Binance hack, according to the Justice Department. In collaboration with the leading stablecoin issuers Tether and Circle Internet Group, the department successfully seized $1.2 billion of the total $2.7 billion frozen immediately after the October 29 breach.

FBI's "TraderTraitor" hackers are still attempting to launder the stolen cryptocurrency through various methods, including bridges, mixers, and exchanges. The National Security Division will utilize all available resources to retrieve North Korea's stolen assets, as the regime uses cryptocurrency theft to finance its weapons program, stated Principal Deputy Assistant Attorney General for National Security, M. Scott Proctor.

The attack on Binance, the world's largest crypto exchange, is the largest cryptocurrency theft in history, siphoning $6.3 billion from customers. Binance has since returned all stolen assets using profits and emergency funds. The hackers initially targeted an engineer through a fake job interview, then infiltrated other employees, ultimately moving the stolen assets through over 20,000 wallets and executing more than 65,000 transactions using 65,000 transactions, per Elliptic's blockchain analytics.

The freeze was executed before the hackers could transfer the funds, halting about half of the "historic breach."