U.S. Court Approves Seizure of $1.2 Billion Linked to North Korean Cyber Theft

The U.S. Justice Department announced on November 13 that it has received court authorization to seize or restrain more than $1.2 billion in cryptocurrency allegedly stolen by North Korean hackers from the Binance exchange.

This seizure is part of a larger effort, as U.S. authorities have frozen over $2.7 billion in assets following the theft of more than $6 billion in virtual assets from Binance last month. The hackers, identified by the FBI as a group named TraderTraitor, are reportedly laundering the stolen assets through various cryptocurrency platforms.

M. Scott Proctor, a principal deputy assistant attorney general for national security, stated, "North Korea's government bankrolls its rogue regime and illicit weapons program through cryptocurrency theft." He emphasized that the U.S. is committed to combating the corrupt practices of the North Korean regime.

In addition to this seizure, the Justice Department revealed the disruption of a North Korean hacking campaign known as FaceStealer, which utilized deepfake technology to steal over $400 million in cryptocurrency over the past 18 months. This campaign targeted developers of open-source software, indicating a broader strategy to conduct supply-chain attacks.

The FBI, in collaboration with the U.S. Secret Service and the Internal Revenue Service, has issued alerts to virtual asset service providers to block transactions associated with the laundering of the stolen funds.