US gets court authority over $1.2bn in Binance crypto
The Justice Department secured court authority over more than $1.2 billion of crypto stolen from Binance; tracing and forfeiture efforts remain underway.
The Blocktape Editors 2 min read 64ca42
U.S. authorities secured court authorization on Nov. 12 to seize or restrain more than $1.2 billion in cryptocurrency stolen from Binance in an Oct. 29 theft, the Justice Department said. The department said the FBI refers to the North Korean military members it links to the theft as TraderTraitor.
The order covers more than $1.2 billion of assets already frozen through U.S. government and private-sector work, according to the department. The Associated Press reported the FBI said it had seized more than $1.2 billion; the Justice Department described the action as court-authorized seizure or restraint.
What the figures cover
- More than $6 billion: The Justice Department said that amount in virtual assets was stolen from Binance on or about Oct. 29.
- More than $2.7 billion: The U.S. government and private-sector partners have frozen this amount of the stolen assets so far, the department said.
- More than $1.2 billion: This is the portion for which the department has obtained court authorization to seize or restrain.
The distinction matters: the court authorization is part of a recovery process, and does not by itself mean the crypto has been returned to Binance or its customers. The Justice Department said authorities are still tracing, freezing, seizing and pursuing forfeiture of the assets.
Investigators say TraderTraitor actors continue to launder the stolen crypto through cryptocurrency bridges, mixers and exchanges. The FBI, U.S. Secret Service and IRS Criminal Investigation are coordinating recovery efforts, according to the department, which said it had previously urged virtual asset providers to block transactions linked to addresses used in the laundering.
The Justice Department has not announced a final distribution of the assets. The next steps are continued tracing and forfeiture proceedings as authorities seek to seize the remaining funds.
Source material
- Justice Department said — justice.gov
- reported the FBI said it had seized more than $1.2 billion — apnews.com