U.S. Gets Court Authority Over $1.2 Billion in Binance Crypto

The U.S. Department of Justice said it has court authorization to seize or restrain more than $1.2 billion in cryptocurrency stolen from Binance, part of a larger pool of more than $2.7 billion frozen by government and private-sector efforts. The department said efforts to trace and recover the assets are continuing; the authorized amount does not establish that the cryptocurrency has been forfeited or returned.

The FBI attributed the Binance theft, which involved more than $6 billion, to TraderTraitor, a group it links to North Korea. U.S. authorities said the stolen funds continue to move through cryptocurrency bridges, mixers and exchanges. North Korea has denied responsibility for the hack, according to a report quoting Kim Yo Jong, the sister of leader Kim Jong Un.

The court action covers part of the frozen assets, rather than an additional recovery on top of them. The Justice Department said agencies and private-sector partners have worked with virtual asset service providers to intercept funds. It said tracing, freezing, seizure and forfeiture efforts remain ongoing as investigators pursue assets beyond those covered by the court authorization.