US Seizes $1.2B in Crypto Stolen from Binance
The FBI said Thursday it seized more than $1.2 billion in cryptocurrency stolen from Binance, the world's largest crypto exchange. The FBI blames a North Korean hacking group for the theft.
- $2.7 billion+ of stolen funds frozen by government and private sector combined.
- $6.3 billion stolen around Oct. 29, the largest crypto heist on record.
- $400 million stolen over 18 months in a separate scheme the FBI calls FaceStealer.
- 6 meme coins created on the NEAR blockchain to move stolen funds, per Elliptic.
Why it matters: U.S. officials have repeatedly accused North Korea of funding its regime and weapons program through cyber theft. Roughly $3 billion still sits in theft-linked addresses, Elliptic estimates.
- Elliptic says meme coin trades make launderers look like ordinary investors.
- The FBI says FaceStealer increasingly targets open-source software developers.
How 6 sources split on this story
Center coverage, 4 sources: The center pairs the recovery numbers with the technical laundering methods analysts are tracking.
Left coverage, 1 sources: The left runs the wire account, focusing on the seizure figures and the FBI's attribution to North Korea.
Right coverage, 1 sources: The right frames the seizure as a Justice Department crackdown on a hostile regime funding weapons through theft.
What’s next: A judge will typically decide who has a legitimate claim to the seized funds after the government files for forfeiture.
- Authorities are still tracing funds as hackers move them through hard-to-trace services.
- How much of the remaining roughly $3 billion can investigators still freeze?
- Will Binance or its customers receive the recovered funds?
