FBI seizes $1.2 billion in crypto stolen from Binance in record $6.3 billion heist

The US Federal Bureau of Investigation (FBI) said Thursday that US authorities had seized or secured court authorisation to seize more than $1.2 billion worth of cryptocurrency stolen last month from Binance, the world's largest cryptocurrency exchange. The recovery forms part of a wider effort by US authorities and private-sector companies to track down funds taken in what is regarded as the biggest cryptocurrency heist in history.

The October theft involved approximately $6.3 billion in digital assets and has been attributed by the FBI to TraderTraitor, a North Korean hacking group. The US government and private-sector partners have so far managed to freeze more than $2.7 billion of the stolen cryptocurrency. The Justice Department said it had obtained court authorisation to seize or restrain more than $1.2 billion of those assets, reported AP.

The latest action is part of Washington's efforts to disrupt North Korea's alleged use of cybercrime to generate funds for its government and illicit weapons programme. US authorities have repeatedly accused Pyongyang of using sophisticated cyberattacks to steal digital assets and evade international sanctions.

How did the $6.3 billion Binance heist happen?