The US Department of Justice (DOJ) has secured court authority to seize or restrain over $1.2 billion stolen from Binance during its $6 billion hack in October. The DOJ announced this development on November 12, but it remains unclear when the forfeited assets will be returned to victims.
The frozen assets, totaling more than $2.7 billion, include the $1.2 billion for which the DOJ has seizure or restraint authority. The remaining amount is part of broader efforts by US authorities and private-sector entities to recover the stolen funds.
Binance had previously committed to absorbing the financial impact of the theft, pledging to cover the losses in its November 3 incident report. The exchange claimed it had set aside more than 100% of the necessary funds to compensate affected users.
The DOJ attributes the theft to North Korean military actors known as TraderTraitor, who continue to launder the stolen assets through cryptocurrency bridges, mixers, and exchanges. The ongoing forfeiture efforts leave unanswered questions about the eventual recipients and distribution route of the recovered funds.