US courts target $1.2B in stolen Binance funds, yet victims face a new hurdle
Summary
The U.S. Department of Justice received court authorization to seize or restrain more than $1.2 billion tied to the October theft of over $6 billion from Binance funds. The assets are part of more than $2.7 billion frozen through government and private-sector efforts. DOJ attributes the theft to North Korean military actors known as TraderTraitor and says recovery efforts continue as the funds are laundered through crypto bridges, mixers and exchanges. The authorization does not mean the funds have all been seized or forfeited; the amount ultimately recovered, recipients and timing of any compensation remain unknown. Binance has said it will cover its losses.
