U.S. Seizes $1.2 Billion Of Crypto Stolen From Binance

The U.S. government says it has seized $1.2 billion U.S. worth of cryptocurrencies stolen from Binance at the end of October. 

The U.S. Department of Justice announced the seizure along with a pledge to tackle cyber crimes originating from North Korea.

American authorities have accused North Korean hacker group “TradeTraitor” of carrying out the hack at Binance that saw $6.3 billion U.S. stolen from the crypto exchange. 

TradeTraitor is said to be linked to the North Korean military and government.

The administration of U.S. President Donald Trump has accused North Korea’s government of funding its regime through the theft of cryptocurrencies. 

The Department of Justice said it has been working with Binance and other law enforcement around the world to help recover the stolen crypto. 

“America will fight back against that corrupt regime’s effort to profit through cybercrime. The National Security Division will use every tool at its disposal to seize and return North Korea’s ill-gotten gains,” said the Justice Department in a statement. 

So far, about $2.7 billion U.S. of the stolen funds from Binance have been recovered or frozen on-chain, meaning they cannot be moved by the hackers. 

Binance is privately held and its stock does not trade on a public exchange.