US wins authority over $1.2bn in Binance theft
US authorities have court approval to seize or restrain more than $1.2bn of assets stolen from Binance, as efforts to trace and freeze the wider haul continue.
The Top Crypto Editors 2 min read
What has the US secured from the Binance theft? Court authorization to seize or restrain more than $1.2 billion in cryptocurrency, the Justice Department said Thursday, November 12. The assets are part of a much larger haul that authorities are still tracing.
According to the Justice Department’s announcement, North Korean military hackers known to the FBI as TraderTraitor stole more than $6 billion in virtual assets from Binance on or about October 29. The department did not say the $1.2 billion had all been transferred into US government custody: it said the court had authorized the government to seize or restrain that amount.
More than $2.7bn has been frozen
The broader figure is more than $2.7 billion frozen so far through combined US government and private-sector efforts. That total includes the amount covered by the court authorization; it is not a separate recovery to add on top. For you, the distinction matters: a freeze can block movement while authorities pursue seizure and, potentially, forfeiture.
That work is ongoing. The Justice Department says TraderTraitor actors continue to launder assets through cryptocurrency bridges, mixers and exchanges. It says law enforcement is working with virtual asset service providers to trace and interdict the funds. The announcement does not give a final accounting of how much of the stolen cryptocurrency has been recovered or identify the assets covered by the $1.2 billion authorization.
Forfeiture will determine who can claim funds
The Associated Press report notes that the US government typically files a forfeiture claim with a judge, who then determines who has a legitimate claim to recovered funds. That means court authorization is a legal step toward control of assets, not a ruling on their eventual return.
The next thing to watch is the continuing tracing and forfeiture process: whether authorities can identify and secure more of the funds, and who a court determines is entitled to claim them.
References
- Justice Department’s announcement — justice.gov
- Associated Press report — apnews.com